US Dept. of Commerce extends public comment period for input on Huawei temporary general license extensions

Anil Panchal FXStreet

During the early Thursday morning in Asia, late-Wednesday night in the US, the Department of Commerce Bureau of Industry and Security (BIS) announced stretched the public comment period on Huawei temporary general license extensions.

Key quotes

The Department of Commerce Bureau of Industry and Security (BIS) announced an extension of the public comment period on Huawei Temporary General License Extensions through April 22, 2020.

The BIS is seeking input on the continuing need for, and scope of, possible future extensions of the Temporary General License (TGL) for Huawei Technologies Co. Ltd. and its non-U.S. affiliates on the Entity List.

The Department has received requests from industry to allow for additional comments, and is granting this request in support of robust consideration of future extensions of the TGL.

Earlier this month, the Department extended the TGL through May 15, 2020. That date remains in place.

FX implications

While the news is considered to be a trade-positive one, the market’s present concentration on the coronavirus (COVID-19) and aid packages dimmed traders’ reaction to the announcement.

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.

GBP/USD treads water around 1.3500 as Hormuz risks support USD

After closing the previous week in positive territory, GBP/USD trades with caution around 1.3500 on Monday. The pair faces headwinds from a modest US Dollar rebound as mood sours on persistent uncertainty surrounding the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD treads water around 1.1550

EUR/USD trades in a narrow range around 1.1550 of Monday. The pair’s inconcluisve price action comes as investors continue to assess Friday’s disappointing US jobs data in a context where renewed tensions in the Middle East lend decent support to the US Dollar.

Gold holds firm as Fed rate outlook, Middle East developments remain in focus

Gold (XAU/USD) holds firm on Monday as buyers take a breather following last week’s sharp rally, with the broader market theme still centred on the Federal Reserve’s (Fed) interest-rate outlook and developments in the Middle East. At the time of writing, XAU/USD trades around $4,333, little changed on the day.

Pi Network: Mild bearish bias caps PI corrective rebound

Pi Network extends losses Monday after a bearish close the previous day, as price remains capped below the $0.1000 psychological threshold. Speculative demand for PI is low, with Open Interest holding above $9 million as broader market sentiment improves. The technical outlook for PI indicates a mild bearish bias as the $0.0961 resistance level remains intact.

US Payrolls miss – RBA on deck tomorrow

It would be remiss of me not to kick off this morning’s report with a rundown of last Friday’s US jobs report, which was a belter. Headline payrolls fell by 23,000, versus expectations of an 80,000 gain. The BLS noted that May was revised down by 66,000 (from 129,000) and June by 37,000 (from 57,000), resulting in combined May-June revisions of 103,000 lower than previous reports.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.