With the trade deal in peril after Trump said he liked the idea of waiting until after elections for the China deal, global trade risks will continue to rise into 2020. Long gold?
China could retaliate by threatening to back out from the US-China trade deal which is in its final stage. AUD/JPY could slide lower.
If Trump were to sign the Hong Kong Human Rights and Democracy Act, this could worsen the US-China trade talks. AUD/JPY could fall lower.
Antipodean currencies continue to weaken despite an improvement in risk sentiments as the slowdown in both Australia and New Zealand becomes evident through data.
With no further rate cuts by RBA this year and an improvement in risk sentiment, Aussie dollar could rise higher until the end of 2019.