Forex Marketz Daily Forex News – Fully Markets Update
The U.S. dollar is still struggling for direction on Monday during the Asian trade session. Traders still want more details on that preliminary trade deal between China and the United States.
There is also that commanding victory in the United Kingdom, last week, that saw Prime Minster Boris Johnson’s political party winning a majority in parliament that should end the political stalemate allowing for Brexit to go ahead as planned.
Today, there are a number of events on the economic calendar that will cause volatility in the dollar as well as the euro. Other Forex assets will be affected as well.
There is a whole slew of flash manufacturing and services purchasing manager’s indices (PMIs) out of the Eurozone, including Germany and France. The United Kingdom and the United States will also release flash PMI data
The dollar index, which measures the U.S. currency in a basket against six other currencies, was trading down 0.1 percent to fetch 97.064.
Cyclical and trade sensitive currencies like the Australian dollar was mixed. The AUD/USD Forex market was trading up a fraction of a percent at 0.6879.
The GBP/USD Forex market was also trading flat this morning after gaining 0.59 percent on Friday.
Dollar and other Currencies Monitor Trade War Developments between the US and China
China and the United States have announced that they have reached a preliminary trade agreement. The United States will not inmate new tariffs and China has reciprocated. The U.S. will also reduce some tariffs in exchange for China buying American agricultural products and other goods.
The United States says that this “phase one” trade agreement should be signed by the first week in January.
This trade deal, which has been highly anticipated, could ease trade tensions between the world’s two largest economic super powers. Still, traders are waiting on further details and for this agreement to be signed before becoming to boisterous.
