The Chinese foreign ministry is out with a statement on Wednesday, confirming the closure of its Houston consulate, adhering to the US’ demand.
Additional quotes
"China strongly condemns this "outrageous" move."
"Urges the US to correct its wrong decisions or there will be retaliation."
“The unilateral closure of China’s consulate-general in Houston within a short period of time is an unprecedented escalation of its recent actions against China.”
On reports of documents being burned in the Chinese consulate in Houston, says “the consulate is operating normally.”
This comes after the Global Times Editor, Hu Xijin, tweeted out earlier, “The US asked China to close Consulate General in Houston in 72 hours. This is a crazy move.”
Market reaction
This is another issue that has cropped up between the US and China, as the tensions continue to heighten, now weighing on the market mood. The haven demand for the greenback is back in play.
The S&P 500 futures have turned negative while AUD/USD dropped nearly 40-pips from the multi-month highs of 0.7168.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Some contention seems to have emerged near 0.6500
Another day, another pullback in AUD/USD. This time the pair dropped to multi-week lows and approached the key 0.6500 support, always on the back of weak commodity prices and concerns surrounding the Chinese economy.
EUR/USD: Downside halted near the 200-day SMA
EUR/USD regained some balance and left behind two consecutive daily declines, advancing to the 1.0870 region following the indecisive price action in the US Dollar ahead of key PCE data due on Friday.
Gold challenges critical support
Gold remains under selling pressure on Thursday, trading near a fresh multi-week low of $2,357.92. The bright metal eased throughout the first half of the day amid a dismal market mood. Equities led the way, falling on the back of weak earning reports and a sharp slide in the tech sector.
SEC vs. Ripple lawsuit closed-door meeting could result in resolution, XRP hovers around $0.62
Ripple hovers above key support at $0.62 as traders await a resolution in the US Securities & Exchange Commission lawsuit. The meeting is scheduled to occur behind closed doors on July 25. According to pro-crypto attorney Fred Rispoli, the lawsuit against Ripple could end by July 2024.
Buying on a market decline
In today’s TradeGATEHub Live Trading session, Coach Dale inquires about the specific issues Michael Venezia was buying during the recent market decline. Dale also provides a detailed analysis of precious metals, sharing his insights on potential downside targets.