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Today's Market Fundamentals
Donald Trump has set the markets off in a bit of a tail spin last night by sending off tweets that are damaging towards relations with China. Just as we were under the impression that the trade talks between the US and China were going positively, news broke that aids informed Trump that there were still significant hurdles to get the deal done – Trump replied by promising a 25% increase on Chinese goods by the end of the week.
We have yet to see a response from China, but don’t be surprised if the Chinese cancel their trip to Washington for trade talks this week. The Chinese have limited options but will not want to be seen as the sitting duck – one gets the feeling that this is merely the surface and this could get ugly.
Equity markets have gapped on the Sunday open and I wouldn’t be surprised to see further gaps when the cash markets open. Today represents a good day to stay out of the market.
Today's Market Trading Levels
1. AUDCAD BUY 0.9380 – 0.9350
2. GBPCAD SELL 1.7725 – 1.7765
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