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Market Sentiment Mildly Positive, US-China Trade Talks in Focus

Market Sentiment Mildly Positive, US-China Trade Talks in Focus

Martin Essex, MSTA, Analyst

Market confidence, news and analysis:

  • Hopes of a breakthrough in the US-China trade dispute are supporting market sentiment.
  • However, those hopes could soon fade if progress fails to materialize.

US-China trade in focus

Hopes of a ceasefire in the US-China trade war are giving financial markets a modest boost at the start of the week in Europe but they could soon fade if there is no breakthrough.

Low level officials from the two sides are due to meet in Washington this week and there are hopes that they will pave the way for negotiations at a higher level later. In response, the Australian Dollar, which is seen as a proxy for China, edged ahead against the two principal safe-haven currencies, the US Dollar and the Japanese yen.

AUDUSD Price Chart, 10-Minute Timeframe (August 16-20, 2018)

Latest AUDUSD price chart.

Chart by IG

AUDJPY Price Chart, 10-Minute Timeframe (August 16-20, 2018)

Latest AUDJPY price chart.

Chart by IG

However, the fragility of the markets can been seen in the performance of the US Dollar, which has edged ahead Monday after its modest falls late last week – suggesting that traders are still seeking to minimize risk – even though stock prices in London, Paris and Frankfurt continue to edge higher.

US Dollar Basket Price Chart, 10-Minute Timeframe (August 16-20, 2018)

Latest US Dollar basket price chart.

Chart by IG

Looking ahead, retail trader sentiment data also support the view that the US Dollar remains the go-to currency, sending bullish signals for the currency against the Euro, the British Pound and Gold but a bearish signal for the S&P 500 index of US stocks.

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--- 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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