Profit-taking on the overnight risk aversion trade has lifted EUR/USD and EUR/JPY this morning. The big story of the session remains Obama’s imposition of a new 35% duty on Chinese tyres and the possibility of retaliation from China. Chinese officials have threatened to re-examine duties on US auto and chicken products. With threats of complaints to the WTO already emerging on both sides and given the proximity of the G-10 summit in Pittsburgh later this month, this topic looks set to remain in the headlines for some time. Full text »
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