Trump calls off summit with Kim Jong-Un; Gold spikes, USD/JPY tumble

Haresh Menghani FXStreet

The White House released a letter from the US President Donald Trump to North Korean leader Kim Jong-Un, calling off the historic summit planned on June 12 in Singapore.

Key points:

• Says inappropriate at this point to have a summit.
• Says he looks very much forward to meeting Kim someday.
• Calls lack of summit a 'missed opportunity' and 'truly a sad moment in history'.
• Says he cancelled it based 'on the tremendous anger and open hostility' in Kim's recent statement.

The headlines triggered a fresh wave of risk-aversion trade and boosted traditional safe-haven assets. The USD/JPY pair tumbled to fresh session lows and Gold spiked back above the $1300 psychological mark.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD eases toward 1.3500 on geopolitical tensions, hawkish Fed bets

GBP/USD trades with mild losses below 1.3550 in the European session. The US Dollar recovers some ground amid ongoing Middle East tensions and hawkish expectations around the Fed's interest rate outlook, weighing on the pair ahead of US data releases.

EUR/USD stays below 1.1600 after mixed Eurozone inflation data

EUR/USD struggles to capitalize on the overnight bounce and trades below 1.1600 in the European session on Tuesday. The data from the Eurozone showed that the annual HICP inflation rose to 3.3% in August from 2.9% in July, matching the market expectation, while the core HICP inflation edged lower to 2.4% from 2.5% in this period. In the second half of the day, JOLTS Job Openings and ISM Manufacturing PMI data will be featured in the US economic calendar.

Gold drops to nearly two-week low, below $4,400 on hawkish Fed bets and firm USD

Gold weakens further below the $4,400 mark, hitting a nearly two-week low during the first half of the European session. Traders ramped up bets for a rate hike in September following Federal Reserve Chair Kevin Warsh's remarks last Friday.

Ripple, Cardano, and Dogecoin show weakness – Crucial EMAs in focus

Ripple, Cardano, and Dogecoin remain weak after double-digit losses last week, testing their crucial Exponential Moving Averages for immediate support. The technical outlook warns of further weakness in the prices of XRP, ADA, and DOGE as bullish momentum eases.

US JOLTS Job Openings set to show a steady labor market

The US Bureau of Labor Statistics has a busy week, releasing relevant employment data. It will start on Tuesday with the publication of the July Job Openings and Labor Turnover Survey (JOLTS) at 14:00 GMT. The JOLTS report is expected to show job openings stood at 7.3 million in July.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.