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3 December 2024,02:13

Trade Of The Day

Aussie Declines Following Fears Of U.S-China Trade War

3 December 2024, 02:13

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Fundamental Analysis

* Trade Tension: The Australian Dollar extended its decline against the US Dollar amid concerns over a potential trade war between the United States and China. US President-elect Donald Trump has threatened to impose 100% tariffs on a group of nine nations if they move to establish a rival currency to the US Dollar. The BRICS alliance, which includes major global powers such as China, Russia, Brazil, India, South Africa, Iran, Egypt, Ethiopia, and the UAE, is central to these developments. While markets continue to speculate on whether Trump will proceed with his campaign promise of a 60% tariff on Chinese imports, economic growth outside the US is expected to feel the impact regardless of the tariff’s scale. This factor is poised to become a significant driver for the US Dollar.

Technical Analysis

* Technical Breakout: Looking ahead, investors will focus on this week’s key U.S. economic data releases such as ADP Nonfarm Employment Change, Nonfarm Payrolls, and the Unemployment Rate, to gauge the market’s direction and sentiment.

* Resistance and Support: Stay updated on US data and Australia data, China updates, central bank updates and any shifts in the US Dollar’s strength.

Understand how technical analysis can help you in this trading opportunity.

Potential Risks

Looking ahead, investors will focus on this week’s key U.S. economic data releases, including the ISM Manufacturing PMI, ADP Nonfarm Employment Change, Nonfarm Payrolls, and the Unemployment Rate, to gauge the market’s direction and sentiment.

Know how to manage trading risks with risk management strategies.

Monitoring

Stay updated on US data and Australia data, China updates, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.

Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!

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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.

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