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Trade War Intensifies, Wall Street Feels The Pressure

ByMarketPulse
AuthorAndrew Robinson
Published 08/06/2019, 01:29 AM

Daily Markets Broadcast August 6, 2019

Wall Street drops most this year

As the trade war intensifies, Wall Street feels the pressure. Trump labeled China a currency manipulator after allowing the yuan to drop through 7 to the dollar.

US30USD Daily Chart

US30USD Daily Chart

  • The US30 index posted the biggest daily loss of the year yesterday on trade war escalation. The index has fallen further this morning, extending the current decline to a sixth consecutive day, the longest losing streak since December last year.

  • The index closed below the 200-day moving average at 25,543 for the first time since June 4.

  • It’s mostly second-tier data on the US calendar today, with June job openings and August’s IBD/TIPP economic optimism index on tap. A speech from the Fed’s Bullard may arouse more interest.

    • DE30EUR Daily Chart

    DE30EUR Daily Chart

  • The Germany30 index fell for a third day yesterday and has continued those losses in early trading this morning. The index is now at its lowest level since March 29.

  • The index closed below the 200-day moving average at 11,648 for the first time since April 1.

  • German factory orders are expected to rebound in June, the latest survey of economists shows. Orders probably rose 0.5% m/m after suffering a 2.2% decline in May.

    • CN50USD Daily Chart

    CN50USD Daily Chart

  • The China50 index slumped to the lowest level in two months yesterday, pressured by the ongoing escalation in the trade spat between the US and China.
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  • The index appears to be heading toward the 200-day moving average at 12,307.

  • In response to calls for the US Treasury to call China a currency manipulator, Peoples Bank of China Governor Yi Gang said China will not have a competitive devaluation of its currency and that the current CNY level is appropriate.

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