Forex today in Asia was a quiet start to a busy week ahead, with a sense of caution prevalent as the new US tariffs announcement looms that led to the sell-off in the Chinese equities and kept the other higher-yielding assets such as oil, Treasury yields and the Aussie on the back foot. The Kiwi, on the other hand, nudged higher above 0.6550 amid repositioning ahead of the key New Zealand Q2 GDP and RBNZ decision due later this week. Meanwhile, the Yen was better bid and kept USD/JPY contained around the 112 handle. Both the EUR and the GBP attempted a tepid bounce, as the US dollar consolidated broadly near two-day tops. Gold prices on Comex were on the back foot near $ 1200 level, with downside risks firming up as fresh US tariffs could trigger an extensive USD rally. Main topics in Asia China likely to reject trade talks on new tariffs – Reuters According to Reuters with the initial reporting by the Wall Street Journal, China is very likely to refuse to engage in any fresh trade talks with the US’ Treasury Secretary Mnuchin if Trump’s latest round of tariffs come into effect. Tariffs threaten leading consumption stocks, tech sectors – Reuters According to Reuters, impending US tariffs on China will have an exacerbated impact on tech and consumer stocks, sparking a decline in global equities. BCC slashes UK growth forecast to 1.1% The British Chamber of Commerce (BCC) cut their expectations for UK growth in 2018 to just 1.1%, revising down their previous forecast of 1.3%. UK consumers remain most upbeat since 2015: IHS Markit survey The latest survey from IHS Markit showed that the UK households’ confidence about their financial situation held at its highest since 2015 this month, Reuters reports. Russian, Saudi Energy Ministers pledged long-term cooperation – Reuters According to Reuters, Russia’s Energy Ministry issued a statement on Sunday, citing that the Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid al-Falih have pledged to continue working toward long-term cooperation “¦ Austrian Chancellor Kurz: Austria, Germany agreed on need to avoid hard Brexit On Sunday before a meeting with the German Chancellor Angela Merkel, her Austrian counterpart Sebastian Kurz was reported by Reuters, as saying that both Austria and Germany agree on the need to avoid a Hard Brexit situation. Japan’s PM Abe says he told Trump it’s dangerous to play with FX – Bloomberg Japan’s PM Shinzo Abe recollected his conversation with the US President Trump, when both the leaders met in January last year “¦ ECB’s Makuch: ‘We’re not underestimating the risks, we’re analysing them’ European Central Bank (ECB) Governing Council member and Head of Slovakia’s central bank Jozef Makuch was out on the wires last hour, via Reuters, commenting on the risks to growth. Key Focus ahead Monday kicks-off this week on a lighter note, with the Eurozone final CPI release and Bundesbank monthly economic report to keep the EUR, GBP traders busy. The NA calendar too remains data-scarce, as the Canadian foreign securities purchases and the US Empire State manufacturing index will be the only relevant macro news. The economic data are likely to be overshadowed by the US tariffs announcement on an additional $ 200 billion worth of Chinese imports that is eagerly awaited in the session ahead. EUR/USD: A dead cat bounce ahead of looming US tariffs Amid a broad-based US dollar bullish consolidation in Asia, the EUR/USD pair is seeing some signs of life above the 1.16 handle, which is likely to be short-lived as markets await the announcement of the new US tariffs on the Chinese imports. GBP/USD looking up to 1.31 to kick off the new week The GBP/USD is drifting upwards in early Monday action, lifting towards 1.3100 ahead of London’s week opener with Brexit continuing to hang heavy over Sterling traders. The Daily Fix – Waiting for confirmation of the Trump trade tariffs The focus is on confirmation of the US tariffs, with little in the way of data to drive in the coming 24 hours, with the exception of European inflation due at 19:00AEST (consensus is for a headline print of 2%). Key economic events for today – TDS Analysts at TD Securities (TDS) offer a list of global economic events due on the cards in the day ahead. The week ahead: key data events for the week ahead – Nomura Analysts at Nomura offered their outlook for the week ahead. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next Ripple price analysis: XRP/USD settles above $0.28 amid Japanese SBI Holdings plans to launchRipple-based mobile payment app FX Street 3 years Forex today in Asia was a quiet start to a busy week ahead, with a sense of caution prevalent as the new US tariffs announcement looms that led to the sell-off in the Chinese equities and kept the other higher-yielding assets such as oil, Treasury yields and the Aussie on the back foot. The Kiwi, on the other hand, nudged higher above 0.6550 amid repositioning ahead of the key New Zealand Q2 GDP and RBNZ decision due later this week. Meanwhile, the Yen was better bid and kept USD/JPY contained around the 112 handle. 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