US greenback drops sharply on Trump’s tweets, bonds rally and Wall Street extends losses.
EUR/USD erases weekly losses, back on top of the 20-day moving average.
The EUR/USD try has up currently virtually 100 pips from the weekly low it reached earlier at one.1050. As of writing trades at one.1145, the very best level in an exceedingly week, as Wall Street drops sharply and also the DXY tumbles.
Powell offset by trade war increase
The buck fell dramatically across the board on the rear of a brand new increase within the trade war between the US and China. Earlier nowadays China declared punitive measures, together with higher tariffs for $75B US merchandise. Recently, US President Trump mentioned in an exceedingly tweet that later nowadays, he can announce his response to the new Chinese tariffs.
After commercialism in positive ground, equity costs in Wall Street square measure sharply lower currently. The stock market index falls one.35% and also the data system one.63% in response to recent comments from Trump. He additionally criticized Fed’s Chair Powell once more.
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