US President Trump: I'm getting it all back (from China)

Ross J Burland FXStreet

US President Donald Trump has been crossing the wires on Monday, US time.

Trump has tweeted,

Great reviews on our handling of COVID-19, sometimes referred to as the China Virus. Ventilators, Testing, Medical Supply Distribution, we made a lot of Governors look very good - And got no credit for so doing. Most importantly, we helped a lot of great people!"

Nobody in 50 years has been WEAKER on China than Sleepy Joe Biden. He was asleep at the wheel. He gave them EVERYTHING they wanted, including rip-off Trade Deals. I am getting it all back!

That's is some election talk there, but what markets are waiting for is his response to what is brewing in Hong Kong. Last year, Trump signed the Human Rights and Democracy Act into law. This was a bill that supports pro-democracy protesters in Hong Kong. The Human Rights and Democracy Act mandates an annual review to check if Hong Kong has enough autonomy to justify its special status with the US.

Back in November, when the Act was signed, China's foreign ministry threatened "countermeasures" if the US continued "going down the wrong path".

There is enough foundation for all of this to see Trump impose US sanctions and threaten the city's status as a financial hub.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.