A dearth of major economic data releases, has allowed the market to meander this week, focusing on global trade developments. Every day, it seems, is yet another tariff-increase on a Country or sector. The latest target appears to be the ‘Chip’ industry, but with caveats, to encourage manufacturing in the US. Chinese trade rebounded strongly over the last month, with big rises in both exports and imports. The Bank of England cut rates 25 basis points, in line with expectations, although the vote from the Board was close. The GBP was boosted by the move, rising above 1.3400, while the EUR drifted back towards 1.1600.The NZD consolidated above 0.5900, while the AUD struggles to hold 0.6500, despite stronger than expected trade data. Local markets will be watching Japanese trade numbers set to be released today.
