EUR/USD In Focus Ahead Of Non-Farm Payroll Report
EURUSD is set for a volatile session today amid a raging trade war between China and the U.S. and as investors await this month’s most important data release, the Non-Farm Payrolls. Thursday jobs’ cuts and unemployment claims point to a soft NFP release which could cause the USD to dip lower against the EUR today. The US economy is expected to have added around 190,000 new jobs in March. Fed’s President Powell is also due to deliver a speech later in the day. Powell is expected to reiterate the stance offered during March’s monetary policy meeting, but any additional hawkish comments may provide some much needed support to the U.S. dollar.*
Gold Rallies On Safe-Haven Frenzy After US Proposes New China Tariffs
Gold prices rose on Friday as investors fled to safe-haven assets after U.S. President Donald Trump proposed $100 billion in new tariffs on China. Spot gold rose 0.3 percent to $1,330.18 per ounce in early morning hours after dropping to a one-week low of $1,322.40 earlier this week. Gold prices were supported after U.S. President Donald Trump stated late on Thursday that he had instructed U.S. trade officials to consider $100 billion in additional tariffs on China, fueling an already heated trade dispute between the world’s two biggest economies.**
Dollar Slips After Trump Threatens With More China Tariffs
The dollar slipped against the yen in early Friday trade, after U.S. President Donald Trump said he had instructed U.S. trade officials to consider $100 billion in additional tariffs on China. Financial markets remain sensitive to any fresh developments on the U.S.-China trade front. Trump’s latest round of tariffs gave a boost to the yen, a safe haven currency that attracts demand in times of economic uncertainty. It’s also important to note that China has already responded to the prospect of a hotter trade war by saying it would “firmly fight back”. On a holiday Friday in China, the country’s Ministry of Commerce posted a statement saying the trade war was started by the U.S. and that China would fight to the end.***
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***Source: Seeking Alpha