Forex

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Protesters and police continue to clash with no end in sight in Hong Kong. Protests turned violent over the weekend as the city braces for worse heading into China's National Day this week. Riot police fired multiple volleys of tear gas while demonstrators hurled Molotov cocktails.

While the US media focuses on the Trump impachment over discussions he had with the Ukranian President over in Russia 20,000 protestors in Moscow demanded political prisoners be released. This was the first mass event agreed upon with the authorities after the general elections.

You cannot say British politics is boring, with Boris Johnson as PM we now get former Bucks Fizz singer Jay Aston Colquhounis standing for the Brexit Party at the next general election. Rather ironic for a No Deal given they won Eurovision.

President Trump said that Japan and the US have reached a trade agreement in principle at the G-7. The deal could be signed at the UN General Assembly and notably auto tariffs on japan will remain the same.

China roiled markets Friday as it retaliated with new tariffs on US products prior to the G7 and Jackson Hole economic summit. Clearly with intention to inflame the situation in front of world leaders. Electronics, including cellphones and semiconductors, is the biggest category of American imports into China.

The Argentinian peso and government bonds collapsed Monday after Argentina’s center-right President Mauricio Macri lost primary elections by a far greater margin than expected on Sunday. The ARSUSD lost almost 30% to around 59 per U.S. dollar shortly after the market open.

Rating agency Fitch Upgraded Russia IDR from BBB-to BBB+ with outlook stable. Fitch considers the Russian policy mix, more flexible exchange rate, inflation-targeting and a prudent fiscal strategy. However continued threat of sanctions' escalation weighs.

Fitch on Friday affirmed taly's 'BBB' rating and negative outlook. Reflects extremely high level of general government debt, very low trend GDP growth, policy risk and uncertainty from political dynamic and associated downside risks.

US Treasury Secretary Mnuchin declared China as a currency manipulatorvia an official Treasury statement. The move follows China weakening the Yuan over 7.00 to the USD as the Trade War ramped up further.

The June trade balance shows a bigger surplus but exports fell more than expected as did imports. Another example of the global trade situation hurting with the ongoing trade wars and macroeconomic deteoriation around the world 

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