THE DAILY REPORT
Want messages directly to your mobile on market data and trade setups? Speak to your account manager about getting on our premiere SMS Service!
EUR NAB Business Confidence –11:30am
EUR German Trade Balance – 5pm
Major Bloomberg & Reuters News
‘U.S. Concerned About Chinese Yuan’s Recent Drop, Official Says’
The Trump administration is concerned about the Chinese yuan’s depreciation as the Treasury Department weighs whether to name China a currency manipulator in a report due out next week, a senior Treasury official said Monday.
Treasury Secretary Steven Mnuchin has faced pressure from the White House to formally designate China a currency manipulator in the report. The yuan has tumbled 9 percent against the dollar in the last six months in one of Asia’s worst performances, raising speculation that China has been deliberately weakening its currency as trade tensions with the U.S. have escalated.
The senior official said the U.S. is closely monitoring the Chinese currency and is concerned about the recent depreciation. The official didn’t provide further elaboration.
‘Nasdaq drops for third day on global growth worries’
The tech-heavy Nasdaq fell on Monday for the third straight day as a sell-off in Chinese markets sparked concerns about slowing global economic growth, though the S&P 500 pared losses to end nearly flat.
Beijing announced a steep cut in the level of cash that banks must hold as reserves, aimed at lowering financing costs and spurring growth amid the trade spat. In Monday’s trading session, the first trading session for mainland China investors since new U.S. and Chinese tariffs went into effect, both Chinese stocks and the yuan slid.
The possibility of tapering global growth, led by China’s slowdown, spurred a retreat from the high-flying tech sector, which declined 1.2 percent.
(Times In AEST)
Trading FX and CFDs involves a substantial degree of risk and should only be undertaken with risk capital. Please refer to our website www.forexct.com.au
for a copy of our PDS & FSG. Forex Capital Trading Pty Ltd (“ForexCT”) provides general advice that does not take into account your objectives, financial situation or needs. The contents of this newsletter do not take into account the personal circumstances of any individual investor. Investors do not own or have rights to underlying assets. ForexCT is regulated by ASIC (AFSL 306400, ABN 69 119 086 270). ForexCT’s AFS license and Australian regulation only applies to the financial services being offered in Australia only.
ForexCT and its related entities do not warrant the accuracy or completeness of the information contained in this newsletter and shall not be responsible or liable for any loss or profit whatsoever which may arise directly or indirectly from any use or reliance upon any information in this newsletter. Any person acting on the information in this newsletter does so entirely at their own risk. Any analysis, opinion, commentary or research in this newsletter is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell any financial product or instrument. You should always seek independent financial advice.
The trade signals above reflect Trading Central's judgement as at the time the information was prepared under the Terms and Conditions set by Trading Central. ForexCT and its related entities do not warrant the accuracy or completeness of the information contained in this newsletter and shall not be responsible or liable for any loss or profit whatsoever which may arise directly or indirectly from any use or reliance upon any trade setup, statement, opinion or omission.