China on Saturday announced tariffs on some Canadian agricultural goods, retaliating against levies Canada introduced in October and opening a new front in a trade war largely driven by US President Donald Trump's tariff threats, per Reuters.
The AUD/JPY pair experienced a second consecutive day of losses on Friday landing at around 93.30, as sellers maintained control and drove prices lower.
The Dow Jones Industrial Average (DJIA) struggled on Friday, falling to a fresh seven-week low below 42,200 before staging a mild recovery to the 42, 800 region.
Federal Reserve (Fed) Board of Governors member Adriana Kugler hit newswires with cautionary comments on Friday that whiplash trade policies could do a lot of damage, including pinning inflation at a persistently higher level.
The US Dollar Index (DXY) extends its brutal slide on Friday, heading for its worst weekly performance in over a year as traders accelerate the selloff ahead of the February employment report.
The Mexican Peso (MXN) erases earlier gains against the US Dollar (USD) and remains unable to reach a new weekly high, as the exotic pair seems to have found a floor near 20.22.
Federal Reserve (Fed) Chair Jerome Powell stuck to his cautious guns on Friday, warning that policy uncertainty makes it difficult for the Fed to enact policy adjustments.
Federal Reserve Governor Adriana Kugler indicated that rising inflation risks provided a strong argument for keeping interest rates steady for an extended period.
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