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Optimism around a US-China trade deal has been scaled back in a big way since the weekly open. This has invited downside pressure in the equity markets, while softer China PMI reads are adding to the deterioration in sentiment. On the FX front, the Pound continues to outperform on the significant reduction in tail risk associated with Brexit. read report
Brexit headlines have been increasingly favorable for the Pound, with that risk of a no deal outcome continuing to fade away. Meanwhile, President Trump continues to shake up risk markets. Plenty of central bank risk on today’s calendar, with Fed Chair Powell testimony highlighting the docket. Theresa is also slated to speak. read report
The Pound has opened up relatively unchanged despite some headlines over the weekend that suggested more volatility on the open. On the US-China trade front, markets are feeling better about the fact that President Trump announced he would delay raising tariffs on Chinese goods on account of productive talks. read report
Some currencies have outperformed against the US Dollar this week, while others have stumbled. But as we head towards the weekly close, everything is pretty much in the vicinity of where we started the week, with all of the major currencies confined to within 1% of weekly opening levels against the Buck. read report
Tension between Australia and China has been making headlines, and Aussie has suffered for it on Thursday. China has just banned coal imports at one of its ports and has also announced a cap on total coal imports for 2019. While the ban applies to Australia, coal imports from Russia remain unaffected. read report
