US Commerce Sec. Ross: Making very good progress towards completion of phase one trade negotiations with China

Dhwani Mehta FXStreet

Additional headlines are crossing the wires from the US Commerce Secretary Wilbur Ross, as he now talks about the US-China trade deal.

Making very good progress towards completion of phase one trade negotiations with China.

Phase one agreement will reduce tensions between US and China, will also rebuild trust.

Hopeful that phase one agreement with China will be precursor of more robust agreement.

Can't blame slowdown in trade solely on US-China discussions.

If we resolve phase one that will calm people down a lot because they will see the end point is in sight.

China structural issues to be mostly in later rounds.

Talks with China mainly on trade topics like soy, LNG.

Ready to discuss Thai trade preference cuts from today if Thailand wants to get into reopening discussions on workers' rights.

The market mood remains buoyed on the recent US-China trade optimism, with the above comments only strengthening the trade deal hopes, as USD/JPY flirts with multi-day tops near 108.80 while Treasury yields gain nearly 1% across the time horizon. The Asian stocks follow the Wall Street lead and witness a risk-on rally.

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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