US equity markets opened the week with dramatic losses, triggered by the US trade war, escalating to new levels. Trump jumped the gun on the July 9th trade deadline, losing his patience with negotiations and sending out letters to 7 nations. Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos and Myanmar were all recipients to tariffs which begin August 1st. This also coincides with the BRICS Summit, which is also a big threat to US global trade dominance, and a message was sent. The EUR traded 1.1700, while the GBP slipped further, falling to 1.3600.Commodity currencies also felt the impact of possible tariff increases, with the AUD tumbling below 0.6500, while the NZD surrendered 0.6000. These trade exposed Countries will be fearing the dreaded tariff/trade letter from President Trump.
