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Market Sentiment Suffering From Trade War Fears, Tech Selloff

Market Sentiment Suffering From Trade War Fears, Tech Selloff

Martin Essex, MSTA, Analyst

Market talking points:

- Traders continue to shun riskier assets like stocks as the US and China escalate their trade war.

- Sentiment is also hit by continuing doubts about US technology shares.

Check out the IG Client Sentiment data to help you trade profitably.

And take a look at our Q2 forecasts for the major currency pairs, gold, oil and equities.

Market confidence ebbs

Market sentiment continues to be hit by concerns about an escalating trade war between the US and China and by continuing weakness in US technology stocks. In the latest development, China has increased tariffs by up to 25% on 128 US products including frozen pork, wine, fruits and nuts, escalating its dispute with the US after the US imposed duties on imports of Chinese aluminum and steel.

As for US technology stocks, Facebook fell 2.75% on Wall Street Monday, Apple eased by 0.66%, Amazon dropped 5.21%, Netflix lost 5.10% and Alphabet (the parent company of Google) was down 2.45%.

However, in currencies, risk-off sentiment failed to damage riskier currencies like the Australian Dollar or help so-called safe havens like the Japanese Yen. The AUDJPY cross actually gained ground Monday.

AUDJPY Price Chart, Five-Minute Timeframe (April 2 – 3, 2018)

Latest AUDJPY price chart.

Chart by IG

There was also little reaction in gold, which is seen as another haven asset and steadied Tuesday after its gains Monday.

Gold Price Chart, Five-Minute Timeframe (April 2 – 3, 2018)

Please add a description for the image.

Chart by IG

Resources to help you trade the forex markets

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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