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In the morning, I said that the tough stance of US President Donald Trump regarding trade with China and Japan forced Japanese Prime Minister Shinzo Abe and Beijing to find a common theme for the conversation. It is about developing new trade agreements and ways between the two countries.
No wonder, but today the negotiations between the European Union and Australia began, which will last three days. It is expected that at this meeting, the representatives of the European Union and Australia will agree on new directions to strengthen economic ties between the countries, and will also find ways to oppose the policy of US President Donald Trump.
As it became known, European Commissioner for Trade arrived in Australia to start negotiations, which, according to a number of experts, could start the EU's struggle for world trade, especially in the confrontation with the United States. In the second half of the week, European Commissioner for Trade is scheduled to meet with representatives of New Zealand, where it is also likely to try to get support from this country in the field of trade.
As for the markets, it can be seen that the risks associated with the deterioration of the prospects for world trade are affected primarily by risky assets, the euro, the British pound and a number of commodity currencies.
The Japanese yen as an asylum is in special demand.
The Australian dollar continues to decline against the US dollar. The pressure on the AUD / USD currency pair was formed at the beginning of the Asian session and remains to this day.
The publication of the minutes from the recent meeting of the Reserve Bank of Australia has put particular pressure on the Australian dollar. The report indicates that interest rates correspond to sustainable growth and inflation, and there is no need to review them upwards. The RBA also sees progress in reducing unemployment and returning inflation to a target that is likely to be gradual. The regulator also connects the main risks with the US trade policy.
As for the technical picture of the AUD / USD currency pair, the sellers are close to the quite significant support levels, which are unlikely to get through the first time. Areas 0.7340 and 0.7290 are a very large range for the formation of an upward correction in a trading instrument. The new short positions are best seen after a small increase in resistance to 0.7415 and 0.7450.
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