Forex Today was mainly driven by risk-off flows as the chances of a full-blown US-Sino trade war increase following reports that the Chinese President Xi called on all the provinces and ministers to prepare for a trade war. As a result, the safe-haven got a boost at the expense of the higher-yielding/ risk currencies such as the Antipodeans. The OZ currencies also felt the brunt of the ongoing slide in the Yuan, as the Chinese currency hit six-month lows versus its American rival amid intensifying trade war fears. The Kiwi ignored upbeat New Zealand trade balance data, which showed a surplus of $ 294 million in the reported month while positive oil prices also had little impact on the commodity-currencies. On the other hand, gold prices on Comex were unperturbed by rising trade war fears and dropped below $ 1260 levels to hit fresh yearly lows. Meanwhile, the Asian equities traded mixed, with the Chinese stocks dragging rest of Asia lower. Main topics in Asia NZ Trade Balance surges to $294 million in second-best month ever for exports Exports for the month of May in New Zealand’s economy surged to their second-highest reading for any single month, ticking upwards by 10% to clock in at $5.4 billion, bringing New Zealand’s Trade Balance to a higher-than-expected $294 million for May. BoJ’s Amamiya: BoJ long way from exit Bank of Japan (BoJ) Deputy Governor Masayoshi Amamiya is hitting wires with his assertion that the BoJ is still deeply entrenched in its current policies, and is unlikely to exit from current mechanisms anytime soon. China fixes Yuan mid-point at weakest level since Dec. 25, 2017 Weaker Yuan is likely China’s answer to Trump’s trade war. The People’s Bank of China (PBOC) set the Yuan mid-point/reference rate at 6.5569 today – the weakest fix since Dec. 25, 2017. Russian Energy Minister meets with US Treasury Sec Mnuchin Russian Economic Minister Alexander Novak has met with the US Treasury Secretary Steven Mnuchin, and have discussed the ongoing sanctions against Russia by the US. China’s Commerce Ministry: Will evaluate planned us investment curb’s impact on companies China’s Commerce Ministry is out with a statement on Wednesday, announcing that it will assess the potential impact on the Chinese firms of expected US investment curbs-. China’s President Xi calls on provinces, ministries to prepare for full-scale trade war China’s President Xi Jinping reportedly spent over two hours talking about US-China relations, urging the minister to get ready for a full-blown trade war, according to SGH Macro Advisors. Gold hits fresh 2018 low, RSI at lowest since December 2016 Gold is likely losing its allure as a safe haven asset. The yellow metal fell to $1,253 in Asia – the lowest level since December 18 despite the rising odds of a full-blown trade war between the US and the rest of the world. HIBOR hits highest level since 2008 The three-month Hong Kong Interbank Offered Rate (HIBOR) rose to 2.08964 percent – the highest level since 2008, according to Reuters. Key Focus ahead There has been nothing of note, in terms of economic data, so far this week from the EUR docket and today’s EUR macro calendar is no different. Hence, all eyes remain on the Bank of England (BOE) Governor Carney’s speech due at 0830 GMT. Carney is due to hold a press conference following the release of the Financial Stability Report (FSR). Meanwhile, the UK CBI realized sales data will help keep the EUR. GBP traders somewhat busy. In contrast, the NA calendar remains eventful, with a string of economic releases from the US docket, including the durable goods and goods trade balance, due at 1230 GMT. Later on, the Swiss National Bank (SNB) quarterly bulletin will be published, followed by the US pending home sales and EIA crude stockpiles data. Besides, speeches by the FOMC member Quarles and Bank of Canada (BOC) Governor Poloz will be reported at 1500 GMT and 1900 GMT respectively. Also, in focus will remain the Reserve Bank of New Zealand (RBNZ) cash rate decision scheduled at 2100 GMT. The RBNZ is likely to steer the Official Cash Rate (OCR) on a steady course at a record low of 1.75% EUR/USD offered at 30-day MA, golden warning ahead of US durable goods report The 30-day moving average (MA) is proving a tough nut to crack for EUR bulls despite rising odds of a full-blown trade war between the US and the rest of the world. GBP/USD holding just above 1.32 ahead of BoE’s Carney speech Wednesday brings a hefty outing from the BoE’s Governor, Mark Carney, who will be speaking at 08:30 GMT when the central bank releases their latest Financial Stability Report, and Carney is expected to walk markets through the release’s key points. RBNZ OCR review to come and go without any ruffles – NAB Analysts at National Australia Bank (NAB) offer a sneak peek at what to expect from Thursday’s Reserve Bank of New Zealand (RBNZ) interest rate decision due at 2100 GMT. 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 FXStreet News share Read Next NZ: May trade balance remained healthy at a $294m surplus – ANZ FX Street 4 years Forex Today was mainly driven by risk-off flows as the chances of a full-blown US-Sino trade war increase following reports that the Chinese President Xi called on all the provinces and ministers to prepare for a trade war. As a result, the safe-haven got a boost at the expense of the higher-yielding/ risk currencies such as the Antipodeans. The OZ currencies also felt the brunt of the ongoing slide in the Yuan, as the Chinese currency hit six-month lows versus its American rival amid intensifying trade war fears. The Kiwi ignored upbeat New Zealand trade balance data, which showed a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.