US, EU trade talks to happen in November - Reuters

Joshua Gibson FXStreet

As reported by Reuters, the EU's Trade Commissioner Cecilia Malmstrom is cooling off any expectations of a rapid progression to US-EU trade negotiations, noting that the dialogue between the two mega-economies is still in the "exploratory" phase.

Key highlights

Malmstrom noted on Monday that talks between the EU and the US remain in an exploratory stage, and getting down to the hard details of a limited trade agreement between the two are not going to begin until a trade meeting slated for early November.

While at a United Nations General Assembly, Malmstrom noted that the two sides will be focusing on facilitating sales of US liquified natural gas, or LNG, within Europe, while also looking at making reductions to regulatory barriers on trade, though the EU trade commissioner was careful to not highlight any particular barriers they will be looking at.

“We’re still in that exploratory phase. We haven’t started any negotiations yet. People are talking to each other and we will have a new meeting in November,” Malmstrom said. - Reuters

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation

The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.