China's ForeignMin: Not aware of US-China weekend phone calls

Dhwani Mehta FXStreet

China’s Foreign Ministry Spokesman Geng said that they are not aware of US-China weekend phone calls.

Additional Comments:

Trade dispute should be resolved via negotiation.

China is seeking talks based on mutual respect.

Hopes US can come back to path of rationality.

The US President Trump said last minutes, “We have had two calls with China, they want to make a trade deal”.

The risk reset triggered by the US President Trump’s remarks is seen fading after the above comments from the Chinese Foreign Ministry. USD/JPY faced rejection below the 106 handle and now retrace towards 105.50 levels.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD flirts with weekly highs in the Fed's aftermath

GBP/USD reversed early losses following the Federal Reserve decision to keep rates on hold and neared the 1.3360 level before shedding some ground. Focus shifts to Governor Kevin Warsh's speech, while the Bank of England will announce its monetary policy decision on Thursday.

EUR/USD extends rally pass 1.1450 on Fed's Warsh

EUR/USD trades at fresh weekly highs above 1.1450, following the Federal Reserve monetary policy decision to keep interest rates on hold. The statement showed policymakers remain confident in economic progress while blaming inflation on energy prices. The divided vote among officials put in doubt a September hike, leading to sharp US Dollar losses.

Gold faces rejection near $4,100 amid emergence of USD dip-buying

Gold struggles to build on a modest intraday uptick beyond $4,100 during the Asian session on Thursday as the US Dollar attracts some dip-buyers following the previous day's post-FOMC slide to a one-week low. Escalating US-Iran tensions support oil prices, fueling inflation fears and bolstering bets for at least one Fed rate hike in 2026. This, in turn, underpins the Greenback and acts as a headwind for the non-yielding bullion.

Bitcoin trails US Dollar as Fed holds rate steady

The Federal Reserve (Fed) kept its benchmark interest rate unchanged at 3.50% to 3.75% at its July meeting on Wednesday, in line with market expectations. Minutes from the meeting showed that economic activity has been expanding at a solid pace despite elevated uncertainty. The central bank also noted that job gains have "kept pace with the workforce."

No soft target: Warsh vows to return inflation to 2%

The Fed left interest rates unchanged at 3.50%-3.75%, but the decision carried a distinctly hawkish edge as three officials voted for an immediate 25-basis-point increase. Chair Kevin Warsh reinforced that message, insisting there was no tolerance for a softer inflation target and warning that the Fed would not hesitate to act.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.