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  • US  pres Trump: I’m not ready yet to make a deal with China.
  • US  pres Trump: Trade deal with china harder if there’s violence in HK.

President Trump has been reported that he is not ready to do a trade deal with China which is making for a negative start to the week.

Key comments:

Trade deal with china harder if there’s violence in HK.
Money is pouring into the US, Fed is not helping.
He does not expect a recession, says tax cuts gave consumers money to spend.
US  pres Trump: I’m not ready yet to make a deal with China.
We are ‘open not to doing business’ with Huawei.
Huawei is a national security threat.

FX implications:

The usual suspects, such as the Yen and CHF will benefit from risk-off flows while the Aussie which nation relies  on 30% of its GDP through doing business with China will suffer the consequences of a protracted trade war between the US and China.