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    Morning Report – Friday 2nd August

    THE DAILY REPORT

    MORNING REPORT

    TOP THINGS TO KNOW

    Trump Ratchets Up Trade War With New China Tariffs

    (Bloomberg 02/08/2019) - President Donald Trump abruptly escalated his trade war with China, announcing that he would impose a 10% tariff on a further $300 billion in Chinese imports in a move set to hit American consumers more directly than any other in his trade wars so far.

    The new import taxes, which Trump later said could go “well beyond” 25%, will be imposed beginning Sept. 1 on a long list of goods expected to include smartphones, laptop computers and children’s clothing. They will come on top of the 25% duty in place already on some $250 billion in Chinese goods and mean that almost all trade with China will be subject to new taxes.

    The threat marks the biggest escalation so far taken by the Trump administration and brings a surprise end to a truce that had been in place since the president met Xi Jinping, his Chinese counterpart, in Osaka at the end of June. Markets, which had been up ahead of the news, tumbled with all three major equity indices closing down by around 1% and bond yields sinking. Oil plunged almost 8% for the steepest one-day drop in more than four years.

    TRADE OPPORTUNITIES

    Below are Trading Central's Intraday preference recommendations. Short (SELL) positions and long (BUY) positions have two targets issued which may be used as take profit levels. Above or below a certain figure indicates the pivot level which may be used as a level for stop loss.

    EURUSD Daily – short positions below 1.1200 with targets at 1.1000 & 1.0830 in extension.

    This is general advice only and does not take into account your personal circumstances. “It is the Policy of ForexCT to recommend the use of stop/loss function to reduce risk of significant losses to customers.

    AUDUSD 30 Minute – short positions below 0.6825 with targets at 0.6765 & 0.6745 in extension.

    CRUDE OIL 30 Minute – short positions below 55.35 with targets at 53.67 & 52.46 in extension

    EURAUD 30 Minute – the downside prevails as long as 1.6155 is resistance..

    GOLD 30 Minute – ong positions above 1427.00 with targets at 1452.00 & 1465.00 in extension..

    NZDUSD 30 Minute – the downside prevails as long as 0.6572 is resistance..

    This is general advice only and does not take into account your personal circumstances. “It is the Policy of ForexCT to recommend the use of stop/loss function to reduce risk of significant losses to customers.

    Economic Announcements
    (times in AEST)

    Risk Warning
    Trading FX and CFDs involves a substantial degree of risk and should only be undertaken with risk capital. Please consider our PDS and FSG before trading with us. A copy can be found on our website www.forexct.com.au. Forex Capital Trading Pty Ltd provides general advice that does not take into account your objectives, financial situation or needs. Investors do not own or have rights to underlying assets. Forex Capital Trading Pty Ltd is regulated by ASIC (AFSL 306400), ABN (69119086270). Forex Capital Trading Pty Ltd’s AFS license and Australian regulation only applies to the financial services being provided in Australia only.

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    Posted: August 02, 2019 | 2:16 AM