Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar along with export linked currencies were trading higher during the Asian trade session. Forex traders are monitoring upbeat commentary surrounding trade talks between China and the United States.
The British pound also gained ground as the Conservative Tory Party continues to lead the Labor Party in the polls. This could mean a swift and orderly exit for the United Kingdom from the European Union.
However, traders remain leery about the progress with trade talks. This capped gains as moves in currency markets. Moves within different Forex markets were limited.
The GBP/USD Forex market was up 0.2 percent, by the afternoon Hong Kong time. The British pound continues to inch higher from a near two week low set on Friday.
The dollar, which is getting a boost this morning thanks to better than expected economic data from last week, was up 0.1 percent in the USD/JPY currency exchange rate to fetch 108.78 yen.
The EUR/USD Forex market was trading steady at 1.1021. Export linked currencies like the Australian and New Zealand dollars are also trading higher on Monday.
The U.S. dollar index is currently trading steady at 98.258.
Currency Traders Monitor Trade Talks and Support Export Currencies and the U.S. Dollar
Sentiment was broadly higher thanks to some positive trade commentary between the United States and China. Over the weekend, China announced plans to improve intellectual property rights. This has been a key sticking point during the negotiations towards a preliminary trade agreement.
On Friday, China’s President Xi Jinping said he wants to reach a trade accord with the United States. President Donald Trump said that progress was moving along nicely.
On Saturday, U.S. national security adviser Robert O’Brien said that a trade deal could be signed before the end of the year.
However, rising tensions in Hong Kong and recent moves by the U.S. to support pro-democracy protestors could complicate matters. Trade talks are already moving at a snail’s pace and China is warning Washington DC not to mettle in internal matters.
