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NZD-USD-SELL

NZDUSD affected by the trade war?China has retaliated and applied tariffs on 106 US imports (25% tariffs on US Soybeans). This will cause further uncertainty not only to US but the global growth, especially economics with greater dependency on trade. In this scenario, we are likely to see weaker USD with an increased appetite for reserve currencies (JPY). Tonight we have a range of economic data to be released, especially the UK Construction PMI, US ADP Non-Farm and ISM PMI. But, with the view of the potential of a trade war on the table, I would be even more cautious trading these news releases.
Short
by JinDao_Tai
Short NZD?End of a massive week where we saw prices of the major currency pairs moving from between 100 to 250pips, in alignment with our analysis for a stronger USD. This strength in the USD was derived from Chair Powell’s hawkish tone on the US economy and the continual sell off in the equity markets. Today we saw a short term bounce in the USD, most likely due to technical levels, profit taking and reduction of exposure over the weekend. I’ll still be looking for trades which signal USD strength.
Short
by JinDao_Tai
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