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AUD/USD and NZD/USD Suffer on US-China Trade War Latest - US Market Open

AUD/USD and NZD/USD Suffer on US-China Trade War Latest - US Market Open

2019-10-07 11:34:00
Justin McQueen, Analyst
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MARKET DEVELOPMENT – Safe Havens Advance as JPY and CHF outperform

DailyFX 2019 FX Trading Forecasts

Safe-haven currencies (JPY, CHF) are on the front foot to begin the week following reports that China had narrowed the scope for a potential trade deal, as they were reluctant to agree to President Trump’s trade deal. As such, risk sensitive currencies are out of favour this morning with the SEK, AUD and NZD among the underperformers within the G10 complex. Sensitivity to US-China trade war headlines are likely to increase in the run up to talks on October 10-11th.

Eurozone’s investor morale dropped to the lowest level since April 2013, however, the Euro is seemingly unfazed with the currency relatively flat for the session. Although, with inflation expectations hovering near record lows problems for the ECB continue. Alongside this, speculative sentiment in the Euro has continued to deteriorate.

AUD/USD and NZD/USD Suffer on US-China Trade War Latest - US Market Open

WHAT’S DRIVING MARKETS TODAY

  1. EURUSD Price Outlook Remains Weak After Fresh Bearish Data” by Nick Cawley, Market Analyst
  2. Euro Bearish Bets Boosted, GBP Net Shorts Cut, NZD Shorts Remain Extreme - COT Report” by Justin McQueen, Market Analyst
  3. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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