Forex News FX Traders Await News of Chinese Tariffs FX Traders Await News of Chinese Tariffs Friday, 6 July 2018 10:41 Share 0 Tweet 0 Pin it 0 +1 FX traders remain on the sidelines as they wait for news as to whether or not US President Trump will follow through on his threat against Chinese imports. The US is expected to begin collecting $34 billion in tariffs on goods imported from China early on Friday morning (8:01 EST). If Trump's plans are implemented, focus will be on the retaliatory efforts that China might then impose. The potential for increased volatility in financial markets across the globe are keeping FX traders extremely cautious. Analysts say that while markets have priced in the probability of the tariffs, the concern is Trump's tendency toward spontaneous tweets that can roil the markets. As reported at 11:01 am (JST) in Tokyo, the USD/JPY was trading at 110.706 Yen, a gain of 0.04%; the pair has ranged from 110.528 Yen to 110.727 Yen. The AUD/USD is trading at $0.7380, down 0.1033%; the pair earlier his a low of $0.73762 while the peak is at $0.73968. The NZD/USD is trading down at $0.678, a loss of 0.075%, and off the session trough of $0.67813. US Labor Report Eyed Also ahead later today is the release of the US Labor report for June; analysts have forecast a decline to 195,000 new jobs, down from 223,000 in May. The unemployment rate is expected to remain at 3.8% while Average Hourly Earnings are expected to rise to 2.8% from 2.7% on an annualized basis. Analysts point out that a miss on the Non-Farms Payrolls Report key data could put the prospects of a rate hike in jeopardy, especially given the Fed's dual mandate of price stability and full employment. Barbara Zigah Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.