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Today's Market Fundamentals
The only thing that the market was concerned about was developments between China and the US on Friday, tariff increases had gone through and with China stating that a retaliation was on the cards – the world was on tenterhooks. Oddly enough, Donald Trump tried to convince the world that talks were going well and that there was no rush to get anything completed, and also reiterated that the tariffs may or may not be removed depending on negotiations.
Donald Trump was again on his twitter account over the weekend, stating that he would be winning re-election next year and in his second term would almost double tariffs. It might not only be worse for China, but it also emerged that there would be a decision made on automobile tariffs by next week – this doesn’t bode well for the EU.
We still have the sanctions in Iran to deal with, as well as the impending Brexit headlines (rumours that PM May is to stand down in the coming days) – I really do think the world is losing its mind.
Today's Market Trading Levels
1. NZDUSD BUY 6580 – 6550
2. AUDUSD BUY 6975 – 6950
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