Forex Today: Chinese tariff demands may break trade talks, USD marches forward, Fed speakers eyed

Here is what you need to know on Wednesday, November 6:
- Trade: The US and China are nearing an agreement on Phase One of the trade deal. However, talks can still fall apart as China is reportedly insisting that the US removes older tariffs as well as the most recent ones imposed in September. 
- US economy: The US Dollar has been consolidating its gains after the ISM Non-Manufacturing Purchasing Managers' Index beat expectations with 54.7 points. The services sector continues leading the economy forward while manufacturing remains a drag.
- Interest rates: Neel Kahskari, President of the Minnesota branch of the Federal Reserve, has said that interest rates are now accommodative. Charles Evans, his colleague from Chicago and John Williams from the New York Fed are set to speak today. The Fed is set to leave interest rates unchanged.  
- New Zealand: NZD/USD has been losing some ground after the Unemployment Rate in the South Pacific nation disappointed with an increase to 4.2%. The odds of another rate cut by the Reserve Bank of New Zealand has risen.
- UK: Prime Minister Boris Johnson's Conservatives have been on the back foot after a gaffe by a senior minister and as the government refused to release a report about Russian meddling in the elections. Recent opinion polls have shown a steady lead for the Tories, but a majority is far from certain. 
- Euro-zone: Markit's Services PMIs for October and Retail sales for September will provide further information about the euro-zone economies. Olaf Scholz, Germany's finance minister, has called for greater financial cooperation in the old continent around banking and taxes. 
- Oil prices have been holding onto gains with WTI trading around $57. Oil Inventories are due out later today.
- Cryptocurrencies have been moving higher, with Ethereum leading the way, advancing above $190.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD falls amid Sino-American tensions ahead of Non-Farm Payrolls

EUR/USD is trading around 1.1850, down amid a risk-off mood stemming from President Trump's move against China's TikTok and WeChat. Tension is mounting ahead of the highly uncertain Non-Farm Payrolls.


Gold consolidates near record highs, flat-lined around $2060 area ahead of NFP

Concerns about escalating US-China tensions pushed gold to fresh record highs on Friday. A goodish pickup in the USD prompted some profit-taking amid overbought conditions. 

Gold News

GBP/USD retreats amid doubts about the furlough scheme, dollar strength

GBP/USD is trading closer to 1.31 as UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever. The dollar is gaining ground amid geopolitical tensions ahead of the Non-Farm Payrolls.


Forex Today: Dollar ticks up after Trump's TikTok move, all eyes on Non-Farm Payrolls

Trump's executive order against TikTok and WeChat has dampened the market mood and strengthened the dollar. Fiscal stimulus have made limited progress and investors are now focused on July NFP, which carries high uncertainty amid the resurgence of coronavirus. 

Read more

WTI struggles to keep $42.00 amid risk-off in Asia

WTI extends the previous day’s losses from $42.79, recently bounces off the intraday low. US-China and Washington-Ottawa tussles join dimming hopes of US stimulus to weigh on the risk-tone.

Oil News