Forex trading Right now: trade war overshadows it all – FXStreet
In this article is what you want to know on Monday, August 26rd:
– TRADE WAR: Pursuing China’s announcement on tariffs on US merchandise early Friday, US President Trump struck again. After the current market shut, the US introduced that starting up on October 1st, the $250B of merchandise coming from China now staying taxed at 25%, will be taxed at 30%, while the remaining $300B of merchandise will now be taxed at 15% starting up September 1st.
– BREXIT: Weekend headlines related to the foreseeable future of a trade deal showed crossed accusations on no matter if who will be accountable for a no-deal Brexit. EU Council President, Donald Tusk, explained that the Union is inclined to assist the Uk, whilst not in the case of a no-deal. Uk PM Boris Johnson responded that if the EU “don’t want a no-deal Brexit, then we have received to get rid of the backstop from the treaty.” Meanwhile, news indicated that PM Johnson experienced requested the UK’s legal professional normal, no matter if Parliament could be shut down for five months, to stop MPs forcing a even further extension to Brexit.
– Major pairs set to open up with gaps, as none of the earlier mentioned-outlined headlines were being priced in.
– Safe-havens soared, with the Yen and Gold most likely to prolong their rallies.
-Crude oil rates fell, as mounting tensions in between the US and China would most likely guide to reducing desire.
-Cryptocurrencies at a brink of turning bearish. On the other hand, the ongoing chance-averse atmosphere could give them a increase this 7 days.