The sea changes between high level fundamental themes continued this past week with trade wars deftly taking over for monetary policy whipped into a frenzy by the Fed. The US-China standoff will remain a critical fundamental pressure ahead, but traders would do well to look for volatility in key event risk like Japanese and UK GDP as well as RBA and RBNZ rate decisions.
Euro traders may start feeling queasy as the specter of Italian politics may haunt Europe again against the backdrop of critical EU data releases and worsening US-China trade relations.
Upcoming comments from Federal Reserve officials may influence gold prices as the trade truce between the US and China comes to an end.
The price of US crude oil fell by nearly 8% (high/low) Thursday after US President Donald Trump announced that he will apply a 10% tariff to $300 billion of Chinese imports on September 1.