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This is a Chinese Communist Party that has come to view itself as intent upon the destruction of Western ideas, Western democracies, and Western value, Secretay of State Mike Pompeo said. 

“It puts Americans at risk, whether it’s stealing American intellectual property or destroying jobs here in the US.”

Market implications

This is the second thing we have heard in as many hours of the duration of this week’s open today from Pompeo, adding to the war of words between the US and China. Risk-off is evident in the price action of AUD/JPY today, falling from the 71.90s to a low of 71.60. 

  • US Sec of State Pompeo: The Chinese Communist Party’s military advances are real

  • Chart of the Day: AUD/USD is at make-or-break resistance, 0.6400 or 0.6820