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US-China Trade Talks and FOMC Minutes to Dominate USD Trading

US-China Trade Talks and FOMC Minutes to Dominate USD Trading

2019-02-19 11:00:00
Martin Essex, MSTA, Analyst and Editor
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USD price, news and analysis:

  • USD trading will likely be dominated this week by a further round of US-China trade talks.
  • However, FOMC minutes due Wednesday could also move the currency.

US-China trade talks in focus

US-China trade talks will resume in Washington Tuesday, with any perceived progress likely to strengthen the US Dollar as the week progresses. However, high-level talks will not begin until Thursday so any impact on USD is unlikely be felt until later in the week.

Thursday’s negotiations will be led by US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, who will attempt to reach a deal to avoid tariffs on $200 billion of imports from China being raised to 25% from 10% on March 1.

While it is possible that nothing will be agreed until closer to the end-month deadline, the talks could well push USD out of the relatively narrow trading range in place over the last few days.

EURUSD Price Chart, 30-Minute Timeframe (February 14-19, 2019)

Latest EURUSD price chart.

Chart by IG (You can click on it for a larger image)

FOMC Minutes released

In addition, the minutes of the January meeting of the US rate-setting Federal Open Market Committee are released after the European session ends Wednesday, and traders should watch out for any guidance on the Fed’s thinking on further US interest rate increases.

It is possible that the central bank is no longer contemplating raising rates further, and if that is hinted at in the minutes the US Dollar could suffer. However, it is also possible that the minutes will contain little new information given that several FOMC members have already prepared the markets for more dovish monetary policy in the months ahead.

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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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