Forex Today: US-Sino trade tensions prevail, Boris closer to victory, EUR/USD licking its wounds

Here is what you need to know on Monday, December 9:

Trade talks: President Donald Trump has called on the World Bank to stop lending to China, a move that may aggravate tensions, with only six days to go until Washington is set to slap new tariffs on Beijing. Negotiations continue.

Chinese trade balance figures have disappointed with a drop in exports, especially to the US – 23%. However, imports were on the rise in November. Reports suggest that authorities in Beijing have instructed companies to reduce companies' reliance on different computer hardware. Some fear that the world's largest economies are accelerating their decoupling

The US Dollar remains bid after Non-Farm Payrolls beat expectations with an increase of 266,000 jobs in November. Moreover, upward revisions and upbeat consumer confidence have are also supporting the greenback. See November payrolls boost Fed’s economic case for the December 11 FOMC

UK elections: Three days to go, Sunday's surveys have continued projecting a steady lead of around ten points for Prime Minister Boris Johnson over Labour. Polling firms' changes have been minimal. That should be sufficient for a Conservative majority, which markets prefer. GBP/USD has resumed its gains around 1.3150.

EUR/USD backed off from 1.11 and has failed to recover, also due to weak German industrial output. German trade balance and euro-zone Sentix Investor Confidence are scheduled for today.

Japan's final third-quarter Gross Domestic Product beat expectations with 0.4%. The government is moving ahead with fiscal stimulus. 

North Korea has claimed it conducted a significant missile test over the weekend. Trump responded by saying that Kim may lose his special relationship. 

Oil prices have been holding onto gains after Saudi Arabia has agreed to bear the brunt of production cuts of OPEC and non-OPEC members. 

The week ahead: Investors are already gearing up for the last Federal Reserve decision of the year, which includes new forecasts. Christine Lagarde will preside over her first decision as President of the European Central Bank, and she is expected to leave policy unchanged.

Cryptocurrencies have been steady, with Bitcoin trading around $7,500.


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 challenges weekly lows after mixed Durable Goods Orders

US Durable Goods Orders were up a measly 0.4% in August, missing expectations of 1.0%, although Nondefense Capital Goods Orders ex Aircraft jumped 1.8%. Equities bounce from lows, but the dollar maintains its strength.


GBP/USD loses 1.2700 as the dollar keeps rallying

GBP/USD approaches its weekly low at 1.2674 as demand for the American currency extends into the final trading session of the week. Hopes for a UK trade deal with the EU doing little for Sterling.


Gold: Finally some rest bite as XAU/USD holds at $1865 per ounce

It has not been the best week for the gold bugs as the yellow metal has fallen 4.36% since Monday. At the end of the week, the price has started to consolidate at the USD 1865 per ounce area. 

Gold News

Breaking: ​​​​​​​The IRS makes it hard to pretend you don’t have Bitcoin

The cryptocurrency holders might have a hard time trying to hide their Bitcoins or other digital assets. IRS considers changing the standard 1040 form by including a bold question on the front page:  At any time during 2020, did you sell, receive, send, exchange, or otherwise acquire any financial interest in any virtual currency? 

Read more

WTI moves back to flat and once again trades above $40 per barrel

It has been a mixed Friday for WTI as the price is moving sideways heading into the weekend. All of the excitement was last week when the OPEC+ JMMC decided to keep output levels at their current rate until December.

Oil News