USD/JPY, AUD/USD May Fall on US-EU Trade War, China Tariffs Loom

The anti-risk Japanese Yen may gain as the sentiment-linked Australian Dollar sinks after the Office of the United States Trade Representative (USTR) proposed about $2.4b tariffs on French goods. This is a response over the latter’s digital tax on US businesses such as Google, Apple and Amazon. USTR Robert Lighthizer also announced that the country is considering similar probes on Turkey, Austria and Italy.

This comes as the US-China trade war remains unresolved in a fragile state of global growth. Officials from the former have been touting that progress is being made while the latter has been frequently hesitating to express similar dynamics. Last week, China expressed its displeasure to President Donald Trump signing the Hong Kong Bill. It also wants to see the US begin rolling back tariffs as part of a “phase 1” trade deal.

Full Asia Pacific AM Briefing to come…

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