Global stock markets and the value of currencies in emerging nations have all dropped significantly over the past 48 hours, after the truce called between US President Donald Trump and Chinese President Xi Jinping is showing signs of being broken.
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The markets and a number of currencies that are tied into the health of the global economy had previously rallied earlier in the week, after the trade war truce was called at the G20 Summit in Argentina this past weekend. Since then though, news has broken of a sudden arrest of a senior executive from Chinese telecoms company Huawei, relating to alleged violations of US sanctions on Iran according to reports.
This has caused the sell-off as markets are concerned of another fall out between the two world leaders. Although the US Dollar hasn’t been negatively impacted by this news to the extent of the US stock markets for example, the negative effects could be felt in future if the trade wars commence once again and the US economy is negatively affected as a result.
For those of our clients following the GBP/USD exchange rate its worth being aware that the current exchange rate almost hit its annual low during yesterday’s trading session, as it dipped into the late 1.26’s at its lowest stage.
US Dollar sellers are currently at the top end of short and medium term trends, with the lowest the pair reaching since the Brexit vote being around 1.22. If you would like to be updated in the event of a new-year low do feel free to register your interest with us.
On the first Friday of the month the US employment data figures are released and today they will come out at 1.30. They’re called Non-farm Payroll figures as they cover the employment sector excluding the agricultural sector, and the expectation is for 205k new jobs since last month. If you wish to be alerted to a major market move please let us know at your earliest convenience.
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