Forex Today: trade war in the eye of the storm
|Here is what you need to know Tuesday, October 8th:
- Major pairs depended on US-China trade-related headlines, with the market’s mood, and the dollar swinging alongside. By the end of the day, is clear that China is willing to sign a deal which includes specific points both sides agree upon, but won’t discuss commitments on reforming Chinese industrial policy or government subsidies.
- The EUR/USD pair flirted with the 1.1000 figure for a third consecutive day but finished the day flat around 1.0970. German dismal data prevents speculative interest from buying the shared currency.
- The Pound came under pressure as Brexit hopes continued to fade. The EU rejected the latest UK PM’s Johnson proposal, unwilling to set a border on the Irish island. UK running out of time ahead of the EU Summit next October 17.
- Safe havens lost ground to the dollar in the American afternoon, greenback gains modest as uncertainty persists.
- Cryptocurrencies trimmed early losses, remained at the lower end of their latest range.
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