Heads-up News 

Frankfurt Trading Session Heads Up Wednesday, July 11, 2018

Frankfurt opening news digest

China stocks slump as US steps up trade war

The Trump administration’s latest shot in the trade war with China has sent shudders through Chinese financial markets.

 

The Philippines Economy Is Overheating, As Duterte Debates God

The Philippines economy continues to grow at a fast pace, matching China’s, as President Rodrigo Duterte is debating the existence of God.

 

Looking for the Consistent Setups Rather Than the ’Hero’ Trades

For many speculators, the allure of placing a ‘great’ trade that impresses their peers often overrides mundane consistency

 

Australian Dollar Under Pressure Despite Upbeat Westpac Confidence

The Australian Dollar remains under pressure as upbeat local Westpac confidence data was overshadowed by trade war fears. AUD may fall to 2017 support on

 

Japanese Yen Technical Analysis: Will Previous Peak Prove Too Much?

The Japanese Yen is caught in a strong downtrend against the US Dollar but is showing some signs of a yearning to escape it.

 

Trump Disputes at NATO Summit Will Amplify Trade Wars, Loonie Clarity from BoC

Risk trends extend its recovery with a fourth conscecutive S&P 500 rally, but a NATO summit will remind us of trade wars

 

Asia AM Digest: Trade War Lull Over, S&P 500 Tumbles, Yen Gains

A lull in trade war news, which helped benchmark indexes rise, is over as the US is ready to release the additional $200b Chinese tariff

 

Australia: Consumer Sentiment lifts – Westpac

Matthew Hassan, Research Analyst at Westpac, notes that Australia’s Westpac Melbourne Institute Index of Consumer Sentiment rose 3.9% to 106.1 in July

 

AUD/USD Review: Pair grinding into 0.74 as trade tensions grip global markets

The AUD/USD is steadily driving towards the 0.7400 level heading through the Asia trading window after headlines that the US is seeking further tariff

 

USD/CNH Technical Analysis: Falling wedge breakout, eyes recent highs

Hourly chart

Spot Rate: 6.6809

Daily High: 6.6916

Daily Low: 6.6455

Trend: Bullish

Resistance

R1: 6.6916 (session high)

R2: 6.72 (May 2017 lo

 

China’s Commerce Ministry: China would be forced to hit back against the new US tariffs

More comments are crossing the wires from China’s Commerce Ministry, as they respond to the new tariffs threat from the US.

Key Points:

Says that th

 




Australia: New risks emerging – NAB

According to analysts at NAB, new risks are emerging for Australian economy and need to be watched.

Key Quotes

“We still expect GDP to increase by a

 

EUR/USD: Flirting with confluence of key MAs ahead of Draghi speech

Currently, the EUR/USD is reporting moderate losses around 1.1728 (confluence of 5-day MA and 50-day MA).

The currency pair was dragged lower by the

 

GBP/USD circling 1.3250, churning on Brexit concerns, revamped trade concerns

The GBP/USD is cycling around 1.3250 through the week’s action, with Tuesday contracting into an inside day after Monday’s bearish push following the

 

China’s CommMin Official: New US tariff plan harms WTO system, globalization – Reuters

China’s Assistant Commerce Minister Li Chenggang warned on Wednesday that the second round of the US tariffs on the Chinese goods harms the World Trad

 

Trump: ‘Can’t say if Putin is friend or foe’ – Reuters

Speaking to reporters at the White House before leaving on the week-long trip, the US President Trump expressed his take on the meeting with the Russi

 

GBP/JPY Technical Analysis: Bullish bias intact

Hourly chart

Spot Rate: 147.28

Daily High: 147.42

Daily Low: 146.80

Trend: Bullish

Resistance

R1: 147.79 (previous day’s high)

R2: 148.22 (10

 

South Korea Money Supply Growth up to 6.7% in May from previous 6.1%

South Korea Money Supply Growth up to 6.7% in May from previous 6.1%

 

USD/JPY fades the drop to 110.77, reports gains despite risk-off sentiment

Currently, the USD/JPY pair is better bid above 111.00, having hit a low of 110.77 earlier today.

The anti-risk JPY had picked up a bid in early Asia

 

US’ Brady: Trump and Xi should meet on trade, reach a fair deal

Reuters reports comments from Kevin Brady, Chairman of the Health Subcommittee for the House Ways and Means Committee, as he urges the US President Tr

 

NZD/USD Technical Analysis: Kiwi softening on trade concerns, backing into 0.68

NZD/USD Chart, 15-Minute

Spot rate: 
0.6811

Relative change: 
-0.35%

High: 
0.6833

Low: 
0.6806

 

China FinMin Official: US is escalating trade tension

An official at China’s Finance Ministry is out on the wires now, via Reuters, speaking about the escalation in the US-China trade war tensions at Chin

 

China will consider counter measures: PBOC adviser

The People’s Bank of China (PBOC) adviser has reportedly said that world’s second-largest economy will consider counter measures should the Trump admi

 




AUD/USD Technical Analysis: Corrective rally loses momentum

Hourly chart

Spot Rate: 0.7425

Daily High: 0.7459

Daily Low: 0.7407

Trend: Bearish

Resistance

R1: 0.7484 (July 10 high)

R2: 0.7494 (50% Fib R

 

Asian stocks back in the red, China indexes down 2% on tariff angst

Asian stocks are back on the defensive, with equity indexes sliding steeply into red territory after the US announced plans to pile further tariffs on

 

AUD/JPY feels the pull of gravity as US raised stakes in a trade war with China

The AUD/JPY pair – a barometer of risk appetite in the markets, is flashing red on worsening trade tensions between the US and China.

Reports hit the

 

Australia Investment Lending for Homes climbed from previous -0.9% to -0.1% in May

Australia Investment Lending for Homes climbed from previous -0.9% to -0.1% in May

 

Australia Home Loans registered at 1.1% above expectations (-1.9%) in May

Australia Home Loans registered at 1.1% above expectations (-1.9%) in May

 

Oil falls over a percent on trade tariffs, WTI nearing $73.00

Crude oil is seeing declines with WTI knocking down to 73.40 as trade concerns take oil down the charts after a brief bullish period.

WTI lifting bri

 

PBOC set the Yuan reference rate at

The People’s Bank of China (PBOC) set the Yuan reference rate at 6.6234 vs.previous day’s close of 6.6405.

 

AUD/USD Review: improving indicators see the AUD take a breather from trade fear sell-off

The AUD/USD is catching some minor lift following a better-than-expected Westpac Confidence Survey, and the pair is trying to build a floor from 0.742

 

USD/JPY: retains a bullish stance despite losing the 111 handle

USD/JPY is holding its own below the 111 handle and is in a bullish position, edging its way up the chart of late and penetrating the 111 handle makin

 

USD/CNY fix projection: 6.6217 – Nomura

Analysts at Nomura offered their model’s projection for today’s fix in USD/CNY. 

Key Quotes:

“Our model1 projects the fix to be 42 pips lower than t

 

Australia Westpac Consumer Confidence up to 3.9% in July from previous 0.3%

Australia Westpac Consumer Confidence up to 3.9% in July from previous 0.3%

 

NATO’s paradox ahead of upcoming summit – Reuters

As reported by Reuters, NATO’s alliance will be holding a two-day summit from Wednesday, and the treaty organization faces a bizarre paradox where the

 




Forex today: a positive risk tone until Trade war noise hit early Asia

Forex today was coming with a positive risk tone until news came in early Asia that the Trump administration is reportedly planning to publish a list

 

Japan Machinery Orders (YoY) came in at 16.5%, above expectations (8.6%) in May

Japan Machinery Orders (YoY) came in at 16.5%, above expectations (8.6%) in May

 

Questions are being raised about Facebook’s decision to give a Russian internet company temporary special access to its user data

Facebook acknowledged that it gave Mail.Ru special access to user data after 2015, when it officially ended the system that allowed third-party apps to access user data.

 

Venture investment topped $57 billion in the first half of this year — and the money will probably keep on flowing

BI PRIME: Investors poured 50% more money into venture-backed startups than they did in the first half of 2017. The biggest beneficiaries were software companies and West Coast firms.

 

Pfizer is holding off on price increases to some of its drugs after being singled out by Trump

After a conversation between President Donald Trump and Pfizer CEO Ian Read, Pfizer said it plans to defer the price increases, returning the prices to where they were before July 1 “as soon as technically possible,” the company said in a statement.

 

The UK’s privacy watchdog has fined Facebook £500,000 — the maximum amount — over Cambridge Analytica

Facebook is being fined the maximum amount possible after being accused of breaking the law twice over the scandal.

 

Tesla fans and critics both need a reality check

The reality of Tesla’s business is far more modest than the war over its stock price and market cap would suggest. Tesla is ultimately a small car company operating in a small market for electric vehicles.

 

Uber HR executive resigns amid allegations she dismissed racial-bias complaints: report

The head of Uber Technologies Inc.’s human resources department resigned Tuesday following allegations that she dismissed racial discrimination compla

 

Detained migrant families to be released, given ankle monitors: report

Federal authorities will release hundreds of detained migrant families, who will be given ankle-bracelet tracking monitors, according to a New York Ti

 

Pfizer stock dips as Trump says Pfizer CEO agreed to drop drug price hikes

President Donald Trump claimed Tuesday evening that Pfizer Inc. PFE, +0.73% had promised to roll back drug-price increases that he had targeted earlie

 

Facebook may be fined by U.K. over Cambridge Analytica scandal

Facebook Inc. FB, -0.59% could be slapped with a 500,000-pound fine, or about $660,000, by a U.K. regulator over improperly handled data from 87 milli

 

Cheer Up

Adage:

Crisis? The new Knight Rider is a crisis — this is a correction.

Cartoon:


Image courtesy: www.profitf.com

Have a nice trading!




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