XM.com - Trade Forex with up to 1:500 Leverage and up to $5000 Bonus.
FXRank technical section offers a profound and in-depth text and video Forex and Commodities technical analysis reports done by professional analysts with a great understanding of the market
Advertisement etoro

Cohn Shocker

Written by Stephen Innes | 2018-03-07 01:36:00 GMT

The morning Whitehouse shocker is that Gary Cohn is resigning as head of the White House’s National Economic Council. His resignation increased the risk tenfold that President Trump will follow through with far-reaching trade tariffs given that Cohn was said to be remaining in his role to convince Trump to reverse his trade policy views, or at least temper them.

Predictably USDJPY is wearing the initial brunt of the move, and in general, the Cohn announcement is reversing the positive risk sentiment from the unexpected news from North Korea after reports that North Korea is open to denuclearisation if the safety of its regime is guaranteed.

While the world appears to be in a safer place this morning due to the denuclearisation olive branch offered by North Korea, the market is no less safe from the wrath of Trump’s trade policies.

 

Gold  Prices

Gold was trading positively overnight on the back of the softer USD trend BS  continues to perform exceptionally well on that narrative. But prices will remain firmly supported on the tariff tail risks from Cohn departure as the tariff gambit hits the market again with blunt force.

 

Oil Prices 

What goes up must come down or the opposite in the case of US  oil inventories data. The American Petroleum Institute (API) reported a considerable build of 5.661 million barrels for the week ending March 2, e doubling up analysts expectations. Early trade WTI prices remain tentatively supported by the weaker dollar. But with the overhang from the Cohn resignation yet to filter through market’s, risk aversion could see OIl prices move lower during today session.

Overnight long USD hedges were unwound as on the news from South Korea that North Korea was willing to hold talks with the United States on denuclearisation

 

Currency Markets 

Japanese Yen 

A bit of a topsy-turvy 24 hours for USDJPY spiked on the Korea headlines from 105.90 towards 106.40, which was pips shy of the significant 106.50 support. But is back plumbing the depths this morning as Tariffs are back in play on the back of Cohn’s resignation.

US politics is an absolute mess inspiring little confidence in the President, and this real-life political melodrama unfolds it hard to avoid parallels with Tumps for TV show The Apprentice.

 

The Malaysian Ringgit

Decision day for the BNM but the market is expecting few if any fireworks. Regional currency sentiment received a boost after surprising news that  North Korea is open to denuclearisation if the safety of its regime is guaranteed.

The prospect of trade tariffs is raising their ugly head again, but when all is said and done, these tit-for-tat tariffs are not significant enough factor to weigh on MYR sentiment let alone derail the buoyant global growth narrative.

Author

Stephen Innes
roboforex

Start Trading With Top Industry Brokers

Broker Profile Open Account
XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC, FCA
  • XM
    Markets
  • Minimum Deposit: 100 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC
  • Markets
    Trade
  • Minimum Deposit: 250 USD
  • Leverage of up to 1:200
  • Broker Type : Market maker
  • Regulation : CySEC
  • Trade

    The Best Crypto to Crypto

    Exchanger Advantages Open Account
    binance
  • Safety Stability: Multi-tier & multi-cluster system architecture
  • Binance charges a quite low commission fee
  • Multiple-Coin Support : BTC, ETH, LTC, BNB...
  • High Liquidity
  • Multiple-Language Support
  • binance
    changelly
  • Instant cryptocurrency exchange
  • More than 500,000 satisfied users
  • Changelly charges a quite low commission fee
  • Safety Stability
  • changelly
    bitmex
  • Bitmex - Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform.
  • Bitmex charges a quite low commission fee
  • Safety Stability
  • changelly

    Best Brokers to Trade Crypto

    Broker Profile Open Account
    XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:30
  • Leverage applies to all EU regulated entities of the group. Leverage depends on the financial instrument traded.
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    FBS
  • Offer: 50USD No Deposit Bonus
  • Offer: 100% Deposit Bonus
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CRFIN (Russia), 009069697 IFSC (Belize), IFSC/60/230/TS/12
  • FBS
    eToro
  • Offer: 1000USD Deposit Bonus
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:400
  • Broker Type : STP
  • Regulation : ASIC, 335692 CFTC/NFA, 0382918 CySEC, 109/10
  • eToro

    Contact us
    fxrank.net@gmail.com