Forex Marketz Daily Forex News – Fully Markets Update
The dollar is finding some support during the Asian trade session today. Forex traders are waiting on any news regarding the trade talks between the United States and China. Neither side is not willing to give up any ground and trade deal is not likely at this point.
The dollar was up overnight on risk aversion as traders have low expectations that the two economic superpowers can reach a new trade accord. This has weakened export currencies, who depend on trade. These include the Australian and New Zealand dollars. The Korean won was also lower during the Asian trade session.
The dollar is holding onto gains but trade moves are slight as the Forex market is in a wait and see mode as traders wait on a market driver.
The USD/JPY currency exchange rate was down, a bit, from a one week high reached during the North American trade session. This market was last trading at 107.30 yen. The EUR/USD Forex market was steady at $1.0971. The euro has been recovering from an 18 month low since the beginning of the month.
The AUD/USD Forex market is steady at 0.6728 and the NZD/USD is steady at 0.6286. The USD index is also trading steady during the Asian hours at 98.976.
Forex and Dollar Traders Wait on Trade News between the US and China
Low level meetings between the United States and China, in the deputy level, are going on in Washington DC and showing very little progress.
Top level talks will happen on Thursday. Chinese Vice Premier Liu He will sit down with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
In about a week, the United State is set to increase tariffs on $250 billion of Chinese goods, to 30 percent from the current 25 percent.
President Donald Trump says he will pull the trigger on the tariff increase if no progress is made in this week’s trade talks. The United States has also place 28 more Chinese firms on their trade blacklist.
