We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Central bank independence has several advantages. Find out what they are in detail with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/cQQmuH8biQ
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
US China Trade Impasse Stymies Risk Appetite Across Asia Once Again

US China Trade Impasse Stymies Risk Appetite Across Asia Once Again

2019-05-13 05:00:00
David Cottle, Analyst
Share:

Asian Stocks Talking Points:

  • Mainboards were lower across the region as a new week got under way
  • Hopes had been high as May got started for a US/China trade deal
  • They’ve been lowered considerably by the latest developments

Find out what retail foreign exchange investors make of your favorite currency’s chances right now at the DailyFX Sentiment Page

Apparent trade deadlock between China and the US overrode all else in Asian market trade Monday.

This month started with strong and widespread optimism that some sort of settlement was likely between the two global titans before its end. Those hopes seem to have foundered, if not completely sunk. White House Economic Adviser Larry Kudlow said in a Sunday television interview that China would need to build ‘very strong’ legal enforcement provisions into any eventual deal and said that the current sticking point was Beijing’s reluctance to write measures already agreed into law. For its part China maintained a defiant tone, with a People’s Daily commentary on Monday referring to the US position as ‘bitter fruit’ which would harm Chinese interests.

Kudlow said that there was a strong possibility that Donald Trump and Xi Jinping would meet bilaterally at the upcoming Group of 20 meeting in Osaka in late June, which may offer a crumb of hope. Asia Pacific stock markets saw little enough, though, as a new week got under way. The Nikkei 225 was down 0.6%, with Softbank shares weighing especially. Shanghai’s mainboard shed 1% and the ASX lost 0.2%. Hong Kong’s Hang Seng was out of action for a holiday.

Foreign exchange markets behaved predictably, with the anti-risk Japanese Yen in vogue at the expense of things like the Yuan and the Australian Dollar. The US Dollar was broadly flat, however, against a basket of its major traded rivals. AUD/USD’s long downtrend has accelerated despite its central bank’s surprising refusal to cut interest rates last week.

Australian Dollar Vs US Dollar, Daily Chart

The pair remains above its low point for this year but the tentative formation of a pennant pattern on its daily chart suggests that its downtrend could well resume shortly, almost inevitably taking it on to new lows.

Southeast Asian units like Malaysia’s Ringgit and the Philippine Peso also found themselves friendless as risk appetite wilted.

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES

News & Analysis at your fingertips.