US: Senate to hold hearing on strategic competition with China on Apr. 14 – Reuters

Eren Sengezer FXStreet

The US Senate Foreign Relations Committee will be holding a hearing on the 'Strategic Competition Act' focused on China on April 14, Reuters reported on Thursday, citing a source familiar with the matter.

Key takeaways

"Draft of US Senate act says strategic competition with China will require sustained political will for decades to come."

"Draft US Senate legislation says the US must encourage allies to do more in balancing and checking the aggressive and assertive behavior of China."

"Draft legislation says head of every US federal department and agency should designate a senior official to coordinate policies with respect to strategic competition with China."

"Draft US Senate legislation says in coming decades, United States must prevent China from establishing regional hegemony in the indo-pacific."

Market reaction

This headline doesn't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Futures were up 0.35% on a daily basis at 4,084.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD weakens below 1.1700 as Middle East tensions drive US Dollar strength

The EUR/USD pair trades with mild losses around 1.1685, the lowest since late January, during the early Asian session on Tuesday. The US Dollar gathers strength against the Euro as escalating tensions in the Middle East boost safe-haven currencies. The preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone will be published later on Tuesday.

GBP/USD hovers around 1.3400 with bearish pressure intact

GBP/USD edges higher after three days of losses, trading around 1.3400 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold defends bids as US-Iran war continues to fuel safe-haven flows

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar keeps the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.