US's Pompeo: North Korea nuclear deal "may take some time" - Reuters

Joshua Gibson FXStreet

According to Reuters, US Secretary of State Mike Pompeo stated on Wednesday that achieving a denuclearization deal with North Korea could take some time.

Key quotes

"Speaking at a cabinet meeting chaired by U.S. President Donald Trump, Pompeo, who held inconclusive talks in North Korea earlier this month, said progress had been made on some issues. “There’s a lot of work to do. It may take some time to get where we need to go. But all of this will be taking place against the backdrop of continued enforcement of existing sanctions,” he said. Pompeo said North Korea had reaffirmed its commitment to give up its nuclear weapons and that progress had been made on arranging the return of remains of U.S. soldiers killed in the 1950-53 Korean War.

Pompeo said that while more work was needed, it was “a very hopeful place that we find ourselves with, making a strategic change for North Korea, giving them the opportunity for a brighter future for their people.” Pompeo traveled to North Korea this month hoping to agree a roadmap for denuclearization, but any progress has appeared limited, and Pyongyang issued an angry statement as soon as he left, accusing his delegation of making “gangster-like” demands.

The U.S. administration has given no indication as to when dialogue on denuclearization might resume and has appeared to back away from trying to set a timeline for the process.

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.