Trump Ratchets Up Trade War With New China Tariffs; Markets Sink
President Donald Trump abruptly escalated his trade war with China, announcing that he would impose a 10% tariff on a further $300 billion in Chinese imports
The new import taxes, which Trump later said could go “well beyond” 25%, will be imposed beginning Sept. 1 on a long list of goods expected to include smart-phones, laptop computers and children’s clothing
The president later told reporters “I think they want to try and make a deal with us, but I’m not sure,” Trump said in a Thursday evening rally in Cincinnati. “Until such time that there is a deal, we will be taxing the hell out of China.”
EUR/USD: Focus on US non-farm payrolls, today’s close pivotal
EUR/USD charted a bullish hammer on Thursday, a warning of a potential bearish-to-bullish trend change. The trend change, however, would be confirmed only if the pair closes today above 1.1096 (hammer candle’s high).
Oil Price Fundamental Daily Forecast – Plentiful Supply, Sluggish Demand Continue to Cap Rallies
Although U.S. crude oil stockpiles fell for the seventh straight week, traders were somewhat disappointed by the news that U.S. output increased to 12.2 million barrels per day (bpd) from 11.3 million bpd a week earlier.
Trading Central – Crude Oil (WTI)
A break below 54.80 would trigger a drop towards 50.60.
Trading Central – EURUSD
Short positions below 1.1200 with targets at 1.1000 & 1.0830 in extension.
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