Chinese delegation has arrived in Washington to sign phase-one deal - Hu Xijin

Ross J Burland FXStreet

Hu Xijin, The Chief in Editor, at The Global times, has just tweeted, informing us that Chinese delegation has arrived in Washington to sign the phase-one deal.

The Chinese delegation led by Vice Premier Liu He just arrived in the US. Wish the two countries sign the deal smoothly.

Market implications

As per, US/Sino phase-one deal: If phase one deal is implemented well, Hu Xijin holds optimism for later half of 20th century, markets are committed to the optimism in markets of late, but when it all boils down, there is still a long road ahead for negotiations and there are plenty of risks for investors down the line.

At the time of writing, US benchmarks are higher and the yen is on the backfoot, with USD/JPY taking on fresh highs of 109.94 through the hard Nov-YTD resistance in the 109.70's. This was solid support back in March and traders are now risking longs in an area of technical confluence. Exporters will be looking to lock in yen in the 110 handle which could make for a hazardous journey towards 110.80 for the committed bulls. If the 110 breakout occurs, there is an ABC and the confluence of a 76.4% Fibonacci target at 110.50/53 resppectively.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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