Australian PM Morrison: Seeking wto to resolve China wine tariffs

Ross J Burland FXStreet

Australian PM Morrison is seeking the WTO to resolve China wine tariffs.

Speaking ahead of the G7-plus summit in Britain, Morrison is seeking support for the modernisation of global trade rules and ‘freedom over authoritarianism’ considering the deterioration in Sino-Australian relations of late.

The relations come on the back of the covid crisis where Australia lead, along with other nations, including the UK and US, investigations into the origin of the virus, pointing the finger towards their largest trade partner, China.

Beijing has since slapped restrictions on billions of dollars of Australian exports, including one of their biggest, wine.

''The World Trade Organization must have a binding dispute settlement system to address the growing use of 'economic coercio', Australia's Prime Minister Scott Morrison said on Wednesday, as Canberra moves to win the support of G7 nations in its dispute with China,'' Reuters wrote.

''Relations with China, already rocky after Australia banned Huawei from its nascent 5G broadband networking in 2018, cooled further after Canberra called this year for an independent investigation into the origins of the coronavirus pandemic, first reported in central China last year.''

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.