Global Themes

US-China Trade Tariff’s Escalate

Trade war heats up?

The US looks set to announce a further $200 Billion in trade tariffs against China. This is an escalation of the trade war between the 2 countries, with Chinese retaliatory tariffs expected.

The USDSGD rose from low 1.35 levels to trade close to 1.36 this morning. This is in line with the 1% rise in USDCNH from 6.60 to 6.68 in yesterday’s trading session.

AUD loses ground overnight, JPY strengthens

AUDSGD traded a touch lower to just below the 1.01 level and the JPYSGD traded firmly higher above the 1.22 level.

CNY Onshore Fix and Bank of Canada in focus

Trade wars between US and China remains the theme for the week.

Direction of the USDCNH and Chinese equity markets will continue to drive markets this week.

Daily CNY onshore fix at 9.15 AM remains largely watched alongside the US/China trade wars.

Elsewhere, the Bank of Canada releases its interest rate statement at 10.00 PM today and is expected to hike base rates from 1.25% to 1.50%.

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