The equity markets will open in Asia today on the back foot as the US administration confirmed tariffs on Steel and Aluminium on several of its allies and the world braces itself for an escalating trade war. The US equity indices finished the day firmly in the red with the Dow down just over 1% and the S&P 0.7% in the red. Currencies also felt some pressure with the Cad and Mxn taking significant hits. The majors stayed mainly in recent ranges as we approach the crucial US employment data tonight, but investors remain wary of further downside risks from trade and Geo-Political concerns.
Looking ahead to today’s trading sessions and the main focus of the day will be those key US number in the New York session. It’s relatively quiet through the other sessions in terms of fundamental data releases so once again investors will be monitoring the newswires closely for any fresh updates on the various Geo-Political issues that are affecting sentiment