US-China Tariff tiffs continue To Plague, OPEC Meeting on Tap

By Kenneth@Xtrade - on September 18, 2018

US-China tariff tiffs continue to plague the market. Almost like a deja- vu from Monday. The financial calendar details events which may add a tinge of volatility away from the grappling trade fears, which may cause abrupt swing for the USD vs other majors.

Global Stocks: 

Once again Asians shares we left standing in the rain as conflicting reports on when US Trump may impose a certain percentage on 200billon worth of Chinese goods. Market participants are mindful of an impending woe thus restricting their trading activities as well. In Early European trading hours, EU shares were also down. Ahead of ECB’s President Mario Draghi’s speech. However, there are bullish undertones which remain to be explored cautiously.

  • Germany30 has enough wiggle room to surge to 12,185.55-12,078.18 up 0.53% or recedes down 0.23% approx.
  • France40  was the early among bird to shrug of trade fears trading up 0.29% at the time of print 08:15 5,378.08 and set to be ranging between 5,348.49 – 5,389.76.
  • UK100 has not fared well down 0.18% from 7,304.75- 7,287.75 with further downside in view possible back the current support levels of 7,286.23 before any corrections are realized.
  • Italy 40 Crossed the 21k threshold trading at 21.138.50 up 0.25% and ranging between 21,058.50 – 21,223.50.

Commodities: Remained pressured down as the tariffs rhetoric continues.

  • WTI crude oil Prices plummeted 0.33% by 07:30 GMT to 68.47 ranging from 68.64-68.29 ahead of Tuesday’s API report and OPEC Meeting after which it may rally back close to the $70.
  • Gold prices also hit the rocks ranging from1,200.30 – 1,206.80.

FX Market: Is mixed with not much logic except driven by sentimental response to TrumpononicsAlthough the USD has been broadly high for the past 3 months’ other majors such as the EUR, AUD, and for a while the GBP rally against the USD.

  • EUR/USD Ranges in between 1.1667 – 1.1718
  • GBP/USD  Swings to from 1.3070 – 1.3170
  • AUD/USD  Oscillates between 0.7145 – 0.7221

However, the USD remains king over (EMFX) Currencies from Emerging Markets such as the TRY, MXN, and ZAR to name a few.

Meanwhile, some the cryptocurrencies fall into another selloff spiral 98% of the 2279 tokens were in red.

Well Tech shares bath in blood TESLA begins to struggle with delivery as the fire outbreak in one of its production plants.

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