Markets:
WTI crude oil up 30-cents to $63.09US 10-year yields up 1 bps to 4.31%S&P 500 futures up 0.5%Gold down $21 to $3327USD leads, JPY lagsIt's a holiday in Australia and New Zealand today so trading in those two currencies was dampened but it wasn't elsewhere.
The US dollar was drifting higher early in the day after underperforming in an optimistic environment in New York trade. However late in the day the China tariff news gave the US dollar and extra lift as it could be cracking the door open to a bigger tariff deal between the US and China. USD/JPY rallied 60 pips on the news and EUR/USD fell by 30 pips.
The list in the report for exemptions is very short and you could argue that exemptions lay the groundwork for keeping broader tariffs on for longer, but that's not the way the market is taking it at all.
Gold started the session strongly higher but is now at the lows of the day as tariff fears unwind. The positive movement is building optimism about a deal into the weekend and that could continue even if the news flow on Friday is light.
The market is continuing to come to the conclusion that the tariffs are such an own-goal that they will inevitably be removed. I think back to this post from Trump late on Sunday.
He's not exactly saying "it's Main Street's turn" here and it underscores the idea (hope?) that there is still a Trump put.
In any case, the US dollar gains are extending at the moment and the
This article was written by Adam Button at www.forexlive.com. Read More Details
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