US-China breakthrough leads to a breakout ...Middle East

Even beyond the massive cut in tariffs, 20 percentage points of the US tariffs on China are due to fentanyl and I think there is a path to lowering or eliminating that.

For now though, there is a huge sigh of relief in markets with S&P 500 futures up 3.2%, oil up 4%, USD/JPY up 280 pips and 2-year yields up 11 bps.

Today is a test: Can these moves be sustained or is there still some skepticism? That will tell us about the underlying strength of the economy.

I think you have to be optimistic here as it looks like Trump doesn't have the appetite for a trade war after all and he's pivoting toward opening up China for US companies. Was the Trump Put in all along?

This article was written by Adam Button at www.forexlive.com.

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