China Finance Ministry: We hope US to take 'concrete' actions to create favorable environment

Anil Panchal FXStreet

“We hope US to take 'concrete' actions to create favorable environment for healthy development of economic, trade ties between china and US,” said China Finance Ministry early Friday per Reuters.

China Finance Ministry statement also mentions, per Reuters, that the need to avoid trade war and "decoupling" while stating the importance of economic and trade relations.

Comments from China's Finance Ministry become more important considering US Treasury Secretary Janet Yellen’s presence in Beijing to address “unfair practices” termed by the Biden administration per Reuters.

It’s worth noting that the recent tit-for-tat trade war between the US and China contributes to the market’s risk-off mood and underpins the US Dollar’s safe-haven demand.

However, cautious sentiment ahead of the all-important US employment report for June limits the markets’ reaction to the news.

AUD/USD struggles above 0.6600

With this, the AUD/USD pair remains sidelined around 0.6630 while snapping a two-day losing streak by the press time.

Also read: AUD/USD sticks to modest gains around 0.6630, upside seems limited ahead of US NFP

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.