The emission scandal trapping German carmakers is a risk to Europe’s largest economy, according to the Finance Ministry. The Ministry communicated the issue almost two years ago after Volkswagen admitted to “cheating U.S. diesel emissions tests” and even stated it was impossible to “put a figure on the potential damage it could cause.” However, there is also the risk of how Brexit will shape out and impact U.S. trade policies. The car industry is Germany’s biggest exporter and provides about 800,000 jobs.
Ten sailors are missing and five have been injured after a U.S. warship collided with an oil tanker off the coast of Singapore at 21:24 GMT on Sunday. None of the crew from the tanker it collided with, Alnic MC, were injured and there were no oil spills. U.S. military helicopters, the Singaporean and Malaysian navies and coast guards are conducting search and rescue operations. Meanwhile, the U.S. and South Korea are holding war games, which involve live-fire exercises and training with tanks, aircrafts and warships.
The U.S. dollar gained slightly in Asia today, as the Japanese yen give up recent gains as the U.S. and South Korea launch joint exercises opposed by Pyongyang. Elsewhere, on the commodity market, gold prices fell in Asian trade ahead of central bank chiefs meeting in Wyoming this week. Gold futures for December delivery eased 0.07 percent to $1.290.73 on the Comex division of the New York Mercantile Exchange.
Since last week, the currency pair is seen dragged downwards by bearish candles, thus losing value on the forex market. The euro fell in Asian trade earlier today as investors await a meeting of central bankers in Wyoming this week, thus dragging assets to low levels. It was last quoted on a bearish candle at 128.351 yen by 04:00 UTC and it could fall further in today’s session, keep an eye.
After recording a huge set of pullbacks, the U.S. West Texas Intermediate gained strength around 15:00 UTC as it traded at $46.90 a barrel, to record several momentary jumps till it reached $48.64 a barrel around 18:00 UTC on Friday. The commodity was quoted at a record high of $48.67 last week, however, today it is seen dragging towards a bearish trend as it tumbled as from 01:00 UTC.
The EUR/AUD pair traded with much volatility in Friday’s morning trade session, however, it started picking momentum later around 17:00 UTC as it traded at the 1.48052 level to reach the 1.48339 level by 20:00 UTC. Today, the currency pair opened its session bearishly at the 1.48316 level at 00:00 UTC and it is seen gradually moving towards a downtrend. It is expected to fall further today as it is hovering below the Ichimoku Cloud indicator.
Things to watch on the market
Shares of Volkswagen can be impacted after the release of this scandal issue, consider trading this once it is available on the trading platform.
Consider trading on assets such as the EUR/USD, GBP/USD, Hang Seng index and the Kospi index on TradeReplica as these can be impacted by the geopolitical tensions between these countries.
Trade the AUD/USD and the USD/JPY pairs as these assets edged lower after the U.S. dollar rose against the yen. Gold vs Silver can be traded with Pairs Trading as the price of gold drops on the market.