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US-China Tension

US-China tension continues to be a major theme today, driving global stocks and US futures down.
Developments are happening on many fronts. There will be proposed law changes to allow private entities to sue China for coronavirus damages.
Investment of federal retirement funds in Chinese stocks could be blocked.
President Donald Trump might revert to tariffs as punishments.
Also, it’s reported that the administration is turbo-charging the initiative to move the global supply chain out of China.
In the currency markets, the Canadian Dollar is currently the strongest one, followed by Yen and Dollar.
New Zealand Dollar is the weakest, followed by Sterling and Euro.
The common currency is somewhat weighed down by poor sentiment indicator.
Markets are trying to reverse April’s moves.
Yet, it might take more time to confirm if risk aversion is really back.
22941 support in DOW is a key near term level to defend, which DOW is still quite far above.
6,729 support in AUD/JPY is another level to watch.

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