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Trump's Tariff Pushback Dents Trade War Fears

Mar. 06, 2018 7:09 AM ETUUP, UDN, FXE, FXY, FXB, FXC, FXF, FXA
Dean Popplewell profile picture
Dean Popplewell

By Dean Popplewell

Tuesday March 6: Five things the markets are talking about

Global equities have extended their rebound overnight as investors judge the recent selloff sparked by global trade fears as a tad overdone. President Trump continues to face mounting domestic resistance to his planned levies on steel and aluminum imports.

The 'big" dollar and oil are trading steady as US Treasury yields again back up.

Strong job growth and a deeper decline in the unemployment rate are the calls for this week's US highlight - Friday's non-farm payroll (NFP) at 08:30 am EDT.

Note: Today's US factory orders are expected to reveal a sizable January decline (-0.4% vs. +1.7%).

Trade data will be the highlight tomorrow morning and an increasing US deficit would only support Trump's discussion about tariffs. In the afternoon, it's the release of the Beige Book where the economic assessments have until now, at least, been subdued.

On tap: Central bank rate activity this week - BoC (Mar 7), ECB (Mar 8) and BoJ (Mar 8/9). The ECB is not expected to change policy on Thursday, but the Governing Council may discuss a change to pave the way for the end of QE.

1. Stocks jump as fears recede

In Japan, the Nikkei share average rallied overnight to snap a four-day losing run. The 'bid' dollars bounce lifted exporter shares. The Nikkei ended the day up +1.79%, while the broader Topix rallied +1.27%.

Down-under, Aussie shares edged higher as export-based stocks rallied on receding fears of a global trade war. The S&P/ASX 200 index rose +1.1% to 5,962.4 at the close of trade. The benchmark ended down -0.6% on Monday. In S. Korea, the Kospi closed up+1.53%.

Note: The Reserve Bank of Australia (RBA) left its cash rate at +1.5% overnight, a widely expected decision given policy makers have signaled a

This article was written by

Dean Popplewell profile picture
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.

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