Everything you need to know to start your trading day

06.08.2019 / 06:52

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The Chinese Department of Commerce and Chinese companies have generally halted U.S. farm purchases in response to Trump's latest tariffs. In addition to the ban, the Chinese government has not ruled out imposing tariffs on these types of goods.

The PBOC's involvement in the yuan, which plunged the markets yesterday, has been somewhat adjusted. The Chinese National Bank set the yuan at $ 6.9683.

The onshore yuan was set at a price of 7.055 and the offshore yuan was priced at 7.0896, which is again a return above normal values.

Just after yesterday's weakening of the Chinese currency below the psychological line of $ 7, the US Treasury Department accused China of manipulating its currency.

The dollar index traded down to 97.371. The Japanese yen is trading at 106.09, and the Australian dollar has reached a new low at 0.6780.

After yesterday's events, investors began to realize that the conflict could not only be prolonged but also deepened. In the meantime, the bond market is again signaling a recession, sending its strongest signal so far since 2007. The demand for gold has been aggressive, with the prospect of a $ 1500 attack. Bitcoin is nearing $ 12,000. Oil reports a recovery and is trading at around $ 55.16.

Today, with the start of the European session, we expect the reports of UniCredit, AIG, ABC, Amro Bank, Standart Bank, Japan Post Bank, Allergan, Devon Energy, Duke Energy, Microchip, Walt Disney and Wynn Resorts. The economic calendar today is scarce, as at 09:00 we expect German factory order data, at 17:00 for US JOLTS new jobs and later the weekly API oil reserves at 23:30.

Five Asian banks today decide on the basic interest rate: India, Australia and New Zealand. This week we look forward to the statements of the Fed representatives: James Bullard today, Charles Evans on Wednesday. They are all members and vote on FOMC.

Trader Martin Nikolov

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Everything you need to know to start your trading day

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