Global Themes

RMB climbs from two-week lows despite trade war fears

Financial markets were more unsettled overnight as fears grow that the US and China might be unable to resolve their trade differences.

In China, a sharp drop in industrial production, which neared a 17-year low at 4.7%, also

hit markets.

The news pressured the US dollar across markets and the RMB climbed from two-week lows.

Aussie hit

In Australia, a big drop in employment, with 19k jobs lost from the Australian economy, hit the AUD and caused markets to re-evaluate the chance of another rate cut from the

Reserve Bank of Australia.

The AUDHKD fell 0.8%.

US retail

Tonight’s focus is on US data with the October retail sales due at 9.30pm.

After a good performance mid-year, US retail sales have recently weakened.

Next week, the focus shifts to Europe with European Central Bank minutes due on Thursday.