Sources: US-China move closer to trade deal despite heated rhetoric - Bloomberg

Dhwani Mehta FXStreet

Bloomberg quotes people familiar with the US-China trade talks, as saying that “the US and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal despite tensions over Hong Kong and Xinjiang,”

Sources said: Trump's downplaying of a deal yesterday should not be understood to mean that talks are stalling as he was "speaking off the cuff".

“The US expects a deal to be completed before the 15 December tariffs are to be enacted with outstanding issues at present being how to guarantee agricultural purchases by China and exactly which tariffs the US roll back”, they added.

The above trade-positive news triggered a significant turnaround in the risk sentiment, driving USD/JPY nearly 30-pips higher to session highs of 108.76. S&P 500 futures also jumped on the headlines, now posting +0.45% gains near 3,100 levels.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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