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With no major economic report to price in, Asian session market players focused on the looming tariff policies that will kick in tomorrow.

  • No major economic reports during the trading session
  • China’s Commerce Ministry: U.S. is “opening fire” on the world with tariff threats

Major Events/Reports:

Overall risk aversion

Earlier today China’s Commerce Ministry reminded that though Beijing won’t fire the first salvo, it will also pull the trigger on its own tariff policy changes the moment Washington’s duties on China’s goods kick in.

Spokesman Gao Feng warned the proposed U.S. tariffs would hit international supply chains, including foreign companies in the world’s second-largest economy.

And with no previous session to take cues from and a lack of fresh catalysts to move assets around, Asian session traders ended up focusing on the brewing U.S.-China trade war.

  • Nikkei is down by 0.95% to 21,510.3
  • A SX 200 is up by 0.27% to 6,222.2
  • Hang Seng is down by 0.87% to 27,995.1
  • Shanghai index is down by 0.88% to 2,734.770

Commodity prices also took hits as lower-yielding bets gained some ground though Trump’s “REDUCE PRICING NOW!” tweet also helped drag Black Crack prices lower.

  • Gold is down by 0.04% to $1,255.80
  • Brent crude oil is down by 0.63% to $77.66
  • U.S. WTI is down by 0.65% to $73.84

Major Market Mover(s):

NZD

There were no catalysts to boost Kiwi prices higher, but it seems like the bears were done partying in the pip streets, at least for now.

NZD/USD is up by 9 pips (+0.14%) to .6771; NZD/CHF is up by 18 pips (+0.27%) to .6727; NZD/CAD is up by 19 pips (+0.21%) to .8904; AUD/NZD is down by 21 pips (-0.19%) to 1.0894; EUR/NZD is down by 27 pips (-0.15%) to 1.7215, and GBP/NZD is down by 31 pips (-0.16%) to 1.9533.

JPY

The low-yielding yen gained pips across the board as traders flocked to safe-havens ahead of tomorrow’s scheduled tariff implementation.

USD/JPY is down by 11 pips (-0.10%) to 110.37; EUR/JPY is down by 11 pips (-0.08%) to 128.64; GBP/JPY is down by 15 pips (-0.11%) to 145.97; AUD/JPY is down by 12 pips (-0.15%) to 81.41; CHF/JPY is down by 15 pips (-0.13%) to 111.07, and CAD/JPY is down by 11 pips (-0.13%) to 83.92.

Watch Out For:

  • 7:00 am GMT: Germany’s factory orders (1.1% expected, -2.5% previous)
  • 7:00 am GMT: Germany’s factory orders (1.1% expected, -2.5% previous)
  • 11:00 am GMT: BOE Governor Carney to give a speech in Newcastle