Dollar selling returns to start European morning tradeMarkets consolidate ahead of Trump's update on semiconductor tariffsThe bond market stays on edge in the new weekWhat are the interest rates expectations for G8FX?China president Xi arrives in HanoiChina welcomes partial U.S. tariff rollback but calls it only a 'small step'Trump has directed for tariff talks to begin immediately with South Korea, Japan, India
Markets:
GBP leads, CHF lags on the dayEuropean equities higher; S&P 500 futures up 1.6%US 10-year yields down 4 bps to 4.456%Gold down 0.4% to $3,222.04WTI crude up 1.7% to $62.54Bitcoin up 1.3% to $84,817Over the weekend, we had Trump come out to confirm that the US will be paring down tariffs on key electronics to 20%. That is while waiting to place all of that in a different tariffs basket, which might take up to a month or longer.
Despite that, FX traders maintained their conviction in selling the dollar in the new week. EUR/USD nudged up to just above 1.1400 briefly but is still up 0.3% to 1.1390 on the day. Meanwhile, GBP/USD climbed up from 1.3120 to touch 1.3200 during the session as sterling is an outperformer today alongside the antipodes.
The Swiss franc is the biggest loser though, with USD/CHF seen up 0.5% to 0.8190 and EUR/CHF up 0.8% to 0.9330. SNB in play perhaps?
It's all about watching for headline risks again. So, let's see what Trump has to offer later in the day with Xi out visiting Vietnam and ironing out deals with Southeast Asian countries this week.
This is a market that is still fragile but at the same time, sentiment can quickly change on a flip of a dime.
This article was written by Justin Low at www.forexlive.com. Read More Details
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