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US-China Trade War Escalates, US Announces Additional Tariffs on Chinese Imports

US announced an additional 10% tariffs on $200B Chinese imports and, as a result, global risk appetite improved, taking Dollar to 7-week highs against the Yen and above 111 intraday.

Despite the rise in risk sentiment, markets ended Tuesday’s session mixed, either respecting technical levels, or, in some cases, simply due to yesterday’s light economic calendar.

On the flip side, today we are expecting a heavier EcoCal with Bank of Canada’s Interest Rate Statement in the spotlight.

Today’s Important Indicators

Major Market Updates

• EUR/USD Eurodollar retreats to $1.1689 Fibonacci intraday, ends somewhat mixed above $1.17.
• GBP/USD Brexit uncertainty lingers following ministers’ resignations, traders slacken bear trigger.
• USD/JPY Dollar rises to 7-week high vs Yen on intraday risk, retreats back below 111.
• USOIL Oil price higher on positive API but gains marginal by day’s end as upside leeway tightens.
• XAU/USD Gold anti-shadows Dollar-Yen as UC-China trade war escalates on fresh tariffs.
• BTC/USD Bullish confidence fades away as Bitcoin breaks below uptrend channel.