Sources: There is a major push to get deal done and Phase One deal text is being finalized - WSJ

Lingling Wei, a China-born, US-trained journalist writing about China's political economy for the Wall Street Journal (WSJ), tweeted out on Wednesday, “it's often designed that way -- things happen when few are paying attention. Sources told me that there is a major push to get a deal done and both sides are finalizing the text of a Phase One agreement now. Let's see if they can make it to the finishing line.”

Lingling’s tweet came in response to  Hu Xijin, the Editor-in-chief of Chinese and English editions of the Global Times, overnight tweet that cited: “Latest phone conversation between Chinese and US top trade negotiators attracted little public attention in China. People have been numb to news of trade talks. I was asked a lot whether China and the US can reach a deal in the past. Now few ask. They ask me about Hong Kong.”

The risk sentiment remains buoyed amid US-China trade deal hopes, especially after US President said on Tuesday that the US is in final throes on reaching trade deal with China.

Across the fx space, USD/JPY holds minor bids near two-week tops of 109.19 while the Aussie is moving further away from the 0.68 handle after Westpac raised its dovish expectations for the RBA. RBA likely to cut the cash rate to 0.25% by June 2020 – Westpac

Meanwhile, the related markets are seen trading with modest gains, awaiting fresh clues on the trade deal.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD drops towards 1.1300 on dovish ECB headlines

EUR/USD is extending the drop towards 1.1300 after the ECB is debating over a potential increase in the APP at its meeting next week. The US dollar rebounds amid a cautious mood. Omicron, US-China woes keep investors on the edge.


GBP/USD battles 1.3200 amid Omicron jitters, USD rebound

GBP/USD is trading flat around 1.3200, struggling to capitalize on the overnight goodish rebound from a one-year low. Fresh COVID-19 jitters pushed back BoE rate hike expectations and undermined the pound. Resurgent USD demand further stalled aggressive bullish bets.


Gold: Doji below 200-DMA teases bears, Omicron updates eyed

Gold portrays trader’s indecision below the key moving average following Wednesday’s bearish candlestick. Market sentiment dwindles as virus-linked news battles geopolitical fears. Friday’s US CPI becomes crucial as inflation expectations improve.

Gold News

Analysts believe Ripple could beat SEC lawsuit on one condition

Experts are weighing in on the possible closure of the payments giant's lawsuit with the SEC. Analysts predict that the payment giant's win in the SEC vs. Ripple case could push XRP price to a new all-time high.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!