China has replied with their own counter-tariffs here. But all in all, it's still not quite the 60% tariffs he was campaigning against China in the months before. If anything, it's just an opening salvo to get try and get China to the negotiating table with Trump also trying to play the TikTok hand in all of this.
We could be starting to see a head and shoulders pattern emerging and that will certainly be of much interest to the technical traders out there.
In the bigger picture though, there's a balance to be struck.
For now, the tariff threats have subsided somewhat with the can being kicked down the road. However, the tariffs debate will continue to rage on in the next few weeks - that especially with the EU and China also in the crosshairs.
And at some point, I reckon that debate among bond traders will have to be settled by the technical neckline of 4.50% as seen above.
This article was written by Justin Low at www.forexlive.com. Read More Details
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