Yuan, Aussie Tumble After U.S. Tariff Report

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1. Yuan, Aussie Tumble After U.S. Tariff Report
The Chinese yuan and the Australian dollar slipped following a report the U.S. administration will propose raising its planned tariffs on $200 billion Chinese imports to 25 percent. The yen gained slightly on the news, rising 0.2% against the dollar as of 7:00 GMT, although the Japanese currency stayed on the defensive after the central bank pledged to keep rates low for an extended period of time. The yuan was last seen trading flat against the USD while the Australian dollar lost 0.24% against the greenback as of 7:00 GMT.*

2. Apple Higher On Strong Sales Forecast
Apple forecast sales between $60 and $62 billion on Tuesday afternoon, beating analysts’ estimates and sending shares soaring to an all-time high of $194.82. It is important to note that the stock has gained 12 percent this year, moving closer to becoming the first U.S. company with $1 trillion in market value. Most notably, Apple had announced a $100B share repurchase program in May. The company returned almost $25B to investors this quarter including $20B in share repurchases.**

3. Canadian Dollar Rallies After Strong GDP Data Raise Rate Hike Expectations
The Canadian dollar rose against the US dollar, following upbeat economic growth data and easing global trade tensions. Data revealed that, Canada’s gross domestic product (GDP) rose 0.5% on a monthly basis in May, beating market expectations for a rise of 0.3%. Today’s trading trend for the Loonie will be determined by Canada’s manufacturing PMI for July and leading indicator for June, due to release later in the day.***

 

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*Source: Reuters, Aug 1, 2018 5:46 AM GMT
**Source:Seeking Alpha, Jul. 31, 2018 4:48 PM ET
***Source: Investing, Aug 1, 2018 6:57 AM GMT

 

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