China’s Commerce Ministry: Ready to enhance exchanges on trade and economic front

Dhwani Mehta FXStreet

Wang Wentao, the new Chinese commerce minister, said on Wednesday, Beijing is ready to reinforce policy support for foreign trade.

Additional comments

“China looks forward to working with US colleagues to focus on cooperation and manage differences.”

“Foreign Ministry’s outlook remains grim and complex this year due to uncertainties from COVID-19 and supply and industrial chains.”

“We will reinforce policy support for foreign trade.”

“We will ensure smooth operations of supply chains.”

Market reaction

AUD/USD pays a little heed to the encouraging comments from China, posting small gains around 0.7920, having hit three-year highs at 0.7945 in early Asia.

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.