Asian shares slipped amid escalating trade tensions and worries over the fading outlook for global tech giants, but investors held their nerves to focus instead on prospects for stronger world growth. Investors were also on the backfoot as China imposed extra tariffs on 128 U.S. products, deepening a dispute between the world’s two biggest economies and stoking concerns about the impact on global growth. The Trump administration is expected sometime this week to publish a list of Chinese goods that could be subjected to new U.S. tariffs. While the U.S. economy has shown some strength, and allowed the Fed to raise rates, the recent slide in equities markets in the wake of trade woes was seen potentially affecting central bank policy.
Dollar index was still a shade softer against a basket of currencies. The U.S. dollar steadied against the safe haven yen after declining for three straight days and gold, which is often seen as a store of value during times of financial or political uncertainty, inched lower.
In Commodities Oil prices ticked higher after falling more than 3.7 percent although rising Russian output and the escalating U.S.-China trade dispute still weighed. Brent crude rose 16 cents to 67.80 a barrel. U.S. crude gained 14 cents to 63.15. Precious metal ticked lower to 1338.91.
Today the forex market economic calendar is relatively light with some important economic events, related to UK economy as Manufacturing PMI data will be released.