China’s Commerce Ministry: Aus-Sino trade and commerce ministers conducted pragmatic, candid exchanges

Dhwani Mehta FXStreet

China’s Commerce Ministry said in a statement on Monday that Australian and Chinese trade and commerce ministers conducted pragmatic and candid exchanges.

Additional comments

Australia and China trade ministers held virtual meeting on Feb 6.

China, Australia are important economic, trade partners.

Bilateral economic, trade cooperation is mutually beneficial.

Two sides should work together to inject more positive factors into economic, trade cooperation.

Meeting an important step to push China-Australia economic, trade relations back on track.

Two sides should meet each other halfway, strengthen communication and coordination in economic, trade area.

China willing to restart economic, trade exchange mechanism with Australia.

China willing to expand cooperation in emerging areas such climate change, new energy.

China hopes Australia will provide Chinese firms with fair, open, non-discriminatory business environment.

Invited Australian counterpart to visit China at an appropriate time.

Market reaction

AUD/USD is trading modestly flat at around 0.6920, slightly supported by the renewed Australian-Sino trade optimism.

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 advances to fresh monthly high above 1.3550

GBP/USD gains traction in the American session and trades at its highest level in a month at around 1.3550 on its way to a positive weekly closing. The US Dollar remains under pressure following the disappointing Retail Sales data and helps the pair push higher.

EUR/USD climbs toward 1.1550 on renewed USD weakness

EUR/USD gathers bullish momentum on Friday and trades in positive territory above 1.1500. The US Dollar weakens heading into the weekend as markets continues to scale back bets for a rate hike in September following the disappointing July Retail Sales data.

Gold regains its traction, rises toward $4,400

Gold stages a rebound after coming in within a touching distance of $4,300 earlier in the day and closes in on $4,400. Easing expectations for a Fed interest rate hike in September helps the precious metal find demand heading into the weekend. Meanwhile, weak Retail Sales data from the US puts additional weight on the USD's shoulders.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

UoM Consumer Sentiment Index set to ease as inflation, labour market worries loom

The University of Michigan will release the preliminary estimate of August’s Consumer Sentiment Index on Friday. US consumers’ confidence is expected to have ticked down to 54.5 in August from 55.2 in July, as measured by the UoM Consumer Sentiment Index.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.