Sentiment shifts back to safe-havens, Chinese policy hits HK50 and trade worries continue
China’s security policy hits the HK50, sentiment moves back to safe-havens.
Today traders, we’ve seen a continued momentum shift back to safe-havens. Risk currencies have traded lower for a second session to USD and JPY. Equity markets have also continued to weaken in today’s session with the ASX and futures moving lower. Trade tensions have been a factor but we did see information come out that China wants to stand by phase one of the trade deal.
China has pulled back from declaring a GDP figure as many suspect their GDP is in decline due to the ongoing damage from coronavirus. Staying with China, its national security policy has sent real jitters through Hong Kong. We’ve seen the HK50 lose over 6% since yesterday.
In today’s market video we run over these moves and breakdown some of the majors to the USD and JPY, are we seeing pullbacks in trends or something more? We run over what we are looking for from price moving forward. Gold is higher after yesterday’s decline, we look at the levels and price action that we’re watching at the moment.
UK retail sales dropped to -18% breaking the -15% expected. EUR news-wise we have ECB Monetary Policy Meeting Accounts coming out at 9:30 pm AEST. There’s no high impact US news due in today’s NY session.
Have a great weekend.
Market Report Video