ForexLive European FX news wrap: Dollar steadies on US-China trade news, Fed up next ...Middle East

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ForexLive European FX news wrap: Dollar steadies on US-China trade news, Fed up next

Headlines:

China says meeting with the US on trade is at the US' requestChina reaffirms that its position on talks has not changedEU reportedly eyes tariffs on Boeing if trade talks with US go southWhat are the interest rate expectations for the major central banks?Reminder: China president Xi to visit Moscow later todayChina president Xi: We must firmly maintain post-war international orderChina gold reserves rise for sixth straight monthEurozone March retail sales -0.1% vs 0.0% m/m expectedFrance March trade balance -€6.25 billion vs -€7.87 billion priorGermany March industrial orders +3.6% vs +1.3% m/m expectedGermany April construction PMI 45.1 vs 40.3 priorUK April construction PMI 46.6 vs 45.8 expectedUS MBA mortgage applications w.e. 2 May +11.0% vs -4.2% prior

Markets:

    USD leads, JPY lags on the dayEuropean equities lower; S&P 500 futures up 0.6%US 10-year yields flat at 4.32%Gold down 1.2% to $3,387.75WTI crude up 0.8% to $59.56Bitcoin up 2.4% to $96,991

    It was a rather sideways session as markets are digesting the potential de-escalation in the trade war between the US and China. The headlines overnight helped to give US futures a bump as well as the dollar. And that mostly stayed the course in European morning trade.

    The greenback did give back some of its gains though, with EUR/USD turning back to near flat levels at 1.1363 currently. USD/JPY was one that held up, easing a little to 142.90 before coming back up to 143.33 at the moment. Besides that, USD/CAD is up 0.1% to 1.3793 and AUD/USD down 0.3% to 0.6470 on the day.

    Overall, it's not much but at least a minor victory for the dollar - for now anyway.

    As for US futures, the gains mostly held with S&P 500 futures seen up 0.6%. That's off the earlier high of gains of a little over 1% though, with market players keeping more tentative as China reaffirmed that their position hasn't changed ahead of the talks.

    European indices were less enthused though, as we're yet to see much of any progress in talks between the EU and US at this stage.

    In other markets, gold is down as the risk mood is holding up with the precious metal easing back under $3,400 on the day. Meanwhile, oil is also marked higher amid the better trade news as WTI crude tests the $60 mark during the session.

    Coming up, we'll have to navigate through more trade headlines but there is also the FOMC meeting decision to scrutinise. How will Trump respond when the Fed decides to keep rates unchanged later? We'll have to see.

    This article was written by Justin Low at www.forexlive.com.

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