Forex Today: Market cautious ahead of US-China trade deal details

Here is what you need to know on Wednesday, January 15th:

  • Global trade returned to the spotlight, with the market turning cautious. EU Trade Commissioner Phil Hogan visited his counterpart in Washington to pour some cold water on the trade relationship between the two economies after US President Trump threatened to retaliate on French tax on US tech-firms. Also, the White House announced it would include Switzerland in a currency manipulator watch-list.
  • Sentiment tumbled on news that the US will not remove tariffs on Chinese imports until after the 2020 presidential election. Speculative interest is waiting for the signing ceremony of phase one of the trade deal between the US and China, scheduled for this Wednesday, as no detail has been unveiled ahead of the event.
  •  US President Trump impeachment can be decided as soon as next Tuesday. Chances of Trump being removed are quite low.
  • UK PM Johnson said that he considers “very likely” the kingdom will get a “comprehensive trade deal with the EU by year-end.” The GBP/USD pair advanced above 1.3000 underpinned by the headline and broad dollar’s weakness.
  • US equities finished the day mixed, and around their opening levels. Market players turned cautious.
  • The USD/JPY soared past 110.00 for the first time since last May, holding on to gains despite sentiment deteriorating in the US afternoon.
  • Crude oil prices stabilized, near their recent lows while gold recovered modestly, still trading below 1,550
  • Cryptocurrencies stole the show, soaring. 

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