 Rallies in Yen and Swiss Franc accelerate while selloffs in commodity currencies intensify on US-China trade war today. Trump "stepped up" his pressure on China and warned the latter not to retaliate. But it's actually unsure who he was talking to as it's a known that Twitter is blocked in the locked-up China. Even China's internet space is open, Xi is not known to be a social-media addict. Even if Xi is secretly a social media enthusiast, Weibo or Wechat are the ways to go rather than Twitter. So, unsurprisingly, China didn't listen to the threat tweets that Trump directed to somebody else, and announced retaliation to US, effective Jun 1. In the currency markets, Australian Dollar is leading other commodity currencies down on risk aversion. Yen is the strongest one for today so far, followed by Swiss Franc. Selloff in Chines Yuan remains in acceleration phase as USD/CHN breaks 6.9. Key psychological level at 7.0 should be within reach shortly. Technically, USD/JPY's fall quickly resumes through 109.47 temporary low. It's heading towards 104.69 key support. GBP/JPY is likely resuming recently decline too and breaches 142.22. EUR/JPY might soon have a take on 122.48 temporary low. EUR/AUD breaks 1.6122 key resistance and could be heading back towards 1.6765 high. AUD/USD is still pressing 0.6962 temporary low and is vulnerable. In other markets, DOW futures is currently down over -500 pts and should gap lower at open. US 10-year yield is down -0.0523 at 2.416. 3-month-10-year yield curve inversion is back. In Europe, FTSE is currently down -0.58%. DAX is down -1.59%. CAC is down -1.24%. German 10-year yield is down -0.012 at -0.054. Earlier in Asia:, Nikkei dropped -0.72%. Hong Kong was on holiday. China Shanghai SSE dropped -1.21% to 2903.71. Singapore Strait Times dropped 1.20%. Japan 10-year JGB yield dropped -0.0008 to -0.046. | 
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