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Breaking: Trump has yet to agree to a tariff rollback, trade deal uncertain,USD/JPY plunges

Yohay Elam FXStreet

US President Donald Trump has yet to decide on rolling back the accumulated tariffs. He says that China wants him to do that. The president repeats his stance that the world's second-largest economy would like to make a deal.

Safe-haven assets are on the rise, with USD/JPY falling off the highs. AUD/USD has extended its falls, amid the risk-off mood.

Here is the move on the dollar/yen chart:

Headlines related to US-Sino trade relations have been rocking markets in the past few days. Presidents Trump and Xi Jinping were set to meet on the sidelines of the APEC Summit in Santiago. However, the Chilean government called off the event, and a new venue has yet to be agreed. The White House has reportedly offered Iowa.

Gao Fend, China's Commerce Minister, stated that levies would be rolled back with every phase of the trade deal. However, Trump's announcement shows that both sides are far from cutting a deal.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

AUD/USD holds above 0.7000 ahead of FOMC policy meeting

AUD/USD attracts some dip-buyers near 0.7000 during the Asian session on Tuesday, stalling the previous day's pullback from a one-month high as bets for a November RBA rate hike continue to act as a tailwind for the Aussie. Meanwhile, the US Dollar consolidates gains from the past two days ahead of the crucial two-day FOMC meeting starting later today, further supporting the currency pair.

USD/JPY consolidates above 157.50 as traders await Fed, BoJ meetings

USD/JPY trades above mid-157.00s during the Asian session on Tuesday, looking to build on its recovery from an over one-month low as speculation that the BoJ may hold off on aggressive rate hikes undermines the Japanese Yen. Meanwhile, the US Dollar sits near a one-week high, further supporting the currency pair. Bulls, however, seem hesitant ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday.

Gold trades above $4,000 and a three-month low as focus remains on FOMC

Gold attracts fresh sellers during the Asian session on Tuesday, reversing part of the previous day's modest recovery from a three-month low. US bond yields rebound slightly after the recent decline to a three-week low, helping the US Dollar preserve its gains recorded over the past two days and weighing on the non-yielding bullion. The commodity, however, holds above $4,000 as bears seem hesitant ahead of Wednesday’s FOMC rate decision.

Bitcoin faces $77,000 support test as Fed decision nears

Bitcoin (BTC) is testing key support levels after falling to $79,250 over the weekend, with persistent selling pressure and uncertainty over the Federal Reserve’s (Fed) interest rate decision likely to prolong the top crypto's decline, according to Bitfinex analysts.

Everyone's bracing for a hawkish central bank week. Here's why the surprise could be dovish

Five of the world's major central banks are preparing to announce monetary policy decisions this week, with investors increasingly anticipating higher interest rates as the global energy shock continues to push inflation above target.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.

Breaking: Trump has yet to agree to a tariff rollback, trade deal uncertain,USD/JPY plunges

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