Forex Today: trade war overshadows it all

Here is what you need to know on Monday, August 26rd: - TRADE WAR: Following China’s announcement on tariffs on US goods early Friday, US President Tr  |  25/08/2019 16:16

Here is what you need to know on Monday, August 26rd:

- TRADE WAR: Following China’s announcement on tariffs on US goods early Friday, US President Trump struck back.  After the market closed, the US announced that starting on October 1st, the $250B of goods coming from China currently being taxed at 25%, will be taxed at 30%, while the remaining $300B of goods will now be taxed at 15% starting September 1st.

-  BREXIT: Weekend headlines related to the future of a trade deal showed crossed accusations on whether who will be responsible for a no-deal Brexit. EU Council President, Donald Tusk, said that the Union is willing to help the UK, although 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’ve got to get rid of the backstop from the treaty.” Meanwhile, news indicated that PM Johnson had asked the UK’s attorney general, whether Parliament could be shut down for five weeks, to prevent MPs forcing a further extension to Brexit.

- Major pairs set to open with gaps, as none of the above-mentioned headlines were priced in.

- Safe-havens soared, with the Yen and Gold likely to extend their rallies.

-Crude oil prices fell, as mounting tensions between the US and China would likely lead to decreasing demand.

-Cryptocurrencies at a brink of turning bearish. However, the ongoing risk-averse environment could give them a boost this week. 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com