Sources: Trump administration to meet on Huawei export curbs after Pentagon pushback – Reuters

Anil Panchal FXStreet

Early on Wednesday, Reuters came out with the news, relying on its sources, that said the Trump administration is planning to meet later this month to discuss efforts to further limit exports to China and its flagship telecoms company Huawei.

Key quotes

The gathering, currently scheduled for Feb. 28, will bring together policymakers to hammer out differences after the U.S. Commerce Department withdrew a rule aimed at further reducing foreign shipments to Huawei Technologies amid pushback from the Pentagon, one of the people said.

The meeting, which is expected to include high-level officials from the Commerce, Defense, State and Energy Departments, is aimed at resolving disagreements over how best to approach the blacklisted Chinese company and the broader war with China over technological dominance.

The Commerce Department in May placed Huawei on a trade blacklist, citing national security concerns.

FX implications

While news like this could negatively affect the market’s trade sentiment, traders seem to pay less attention to the news as the USD/JPY, Gold and Asian stocks are mostly portraying cautious optimism.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.