|

Next steps for US-North Korea talks - Reuters

As reported by Reuters, the recent Trump-Kim summit was heavy on promises but light on specific details, and the path forward for developments between the two countries remains unclear.

Key quotes

"Speaking in Seoul, Pompeo said he expected the United States and North Korea to resume contacts within the next week or so. “I would anticipate it will be fairly quickly after we return to our home countries,” he said. “I don’t know exactly what form that will take, but I’m very confident that by some time in the next week or so we will begin the engagement.” Pompeo also sought to blunt criticism that Trump gave away too much - including even holding the meeting with the North Korea leader and making a promise to end U.S.-South Korean military exercises - in return for too little. Pompeo said the two sides reached “understandings” on many issues that were not captured in the leaders’ statement.

Pompeo, White House National Security Adviser John Bolton “and/or the entire team” will get together next week to go over details “and to get this stuff done,” Trump said on Tuesday. Trump said verification would be achieved only by “having a lot of people” in North Korea but provided no details on how the United States might confirm Pyongyang was keeping its word.

At their first summit in April, South Korean President Moon Jae-in and North Korea’s Kim Jong Un pledged to take a number of steps to promote Korean reconciliation. In the coming days, officials from North and South Korea will meet for working-level talks to discuss some of those steps, including military hotlines, family reunions of Koreans divided since the Korean War and sports exchanges. “The problem with inter-Korean reconciliation projects is that sanctions will not be lifted if there’s no implementation of denuclearization,” said Shin Beomchul, senior fellow at Seoul’s Asan Institute for Policy Studies think tank. “Hence, the important thing next for inter-Korean relations would be the speed that sanctions are lifted.”

Trump also said he looked forward to visiting Pyongyang, and that he had invited Kim to the White House, with both visits to occur “at the appropriate time.” “He has accepted. I said, at the appropriate time. We want to go a little bit further down the road,” Trump said. The White House declined to elaborate on Trump’s comments about the timing. One opportunity for Kim to visit might come in September for the annual U.N. General Assembly gathering of world leaders in New York."

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

More from Joshua Gibson
Share:

Editor's Picks

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s  irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest 

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.