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USD Edges Lower as Traders Turn Attention to China Trade Talks

USD Edges Lower as Traders Turn Attention to China Trade Talks

Martin Essex, MSTA, Analyst

USD talking points:

- With the Federal Reserve meeting now out of the way, the markets’ focus is turning to the US/China trade negotiations.

- That has left the US Dollar marginally lower, although it remains in a strong uptrend.

Check out the IG Client Sentiment data to help you trade profitably.

And for a longer-term outlook take a look at our Q2 forecast for USD.

US/China trade talks in focus

The US Dollar remains in the spotlight Thursday after Wednesday’s mildly hawkish statement from the Federal Reserve, which made a US rate increase almost certain in June, followed by several more over the course of 2018.

This session looks set to be dominated by start of US/China trade talks, which are expected to be difficult and could lead to further mild losses for USD after its recent strong performance.

US Dollar Basket Price Chart, Daily Timeframe (2018 to Date)

Latest US Dollar basket DXY price chart

Chart by IG

A US trade delegation arrived in Beijing Thursday for a two-day meeting but hopes are low that a deal on tariffs can be reached near-term. If the talks break down completely, as seems possible, that will likely lead to further losses for USD. However, as the chart above shows, the currency remains in a strong uptrend and any setbacks from here are likely to be modest and purely corrective in nature.

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex. You can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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