Forex Today: hopes on Brexit and the trade war front
|Here is what you need to know Friday, October 11th:
- US-China trade talks began Thursday, with the market optimistic about it. Both parts seem ready to grant a few concessions to achieve a deal. US President Trump will meet Chinese Vice Premier Liu He on Friday to keep discussing further backing the dominant risk-on mood.
- PM Boris Johnson and his Irish counterpart, Leo Varadkar, had a three-hour meeting, after which, they released a statement indicating that there is a pathway to a Brexit deal, and announcing EU-UK talks will resume this Friday. The Pound soared with the news to its highest for this week.
- Safe-haven assets came under pressure, with US Treasury yields bouncing some 10bs points on average. Gold lost the 1,500 threshold, USD/JPY neared 108.00.
- Crude oil prices extended their recovery on the back of equities’ bounce, and despite the OPEC announced that it lowered 2019 global oil demand growth forecast to 0.98 million barrels per day.
- Cryptocurrencies consolidated Wednesday´s gains, failed to trigger relevant moves.
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