Trade comments fail to break risk rallies.
Hi, traders, we continue to focus on risk markets after rallies overnight continue to push the continuation idea. Today was far from settled as trade comments caused a mini sell-off and trade advisor Peter Navarro said that the trade deal was basically dead. This unsettled buyers and the USD and JPY jumped. Equities also moved sharply lower after the comments hit the market.
Peter quickly followed up saying the comments were taken out of context and President Trump commented that the deal was still on while China held up to their end of the deal. Since this, risk markets have cut losses and in some cases moved higher. We look at these patterns and continue to ask are seeing new trend continuations developing?
Today’s Market Analysis Video