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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
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US-China Trade Talks Said To Be Back On; Dow Soars, Gold Slumps

US-China Trade Talks Said To Be Back On; Dow Soars, Gold Slumps

Nick Cawley, Strategist

US Dollar Jumps, Markets Turn Risk-On

  • US-China additional tariff put back as two sides are expected to talk soon.
  • S&P, Dow Jones soar while risk-off assets including Japanese Yen and Gold slump.

Q3 2019 USD, Yen and Gold Forecasts andTop Trading Opportunities

Keep up to date with all key economic data and event releases via the DailyFX Economic Calendar

Markets Turn Risk-On as US-China Talks Said to Near.

According to various tweets, the US has delayed implementing an additional 10% tariff on $300 billion of Chinese goods, from September 1 until December 15, and both sides will talk over the next two weeks, probably by phone.

While the news is not yet official - at the time of writing - financial markets have made a huge U-turn with markets now firmly risk-on. The Dow Jones is up by in excess of 500 points, the Nasdaq is up 200 points while gold has slumped by over $30/oz. to $1,498/oz. while USDJPY has soared to 106.70 after having traded around 105.10 early in the session.

USDJPY Daily Price Chart (November 2018 – August 13, 2019)

US-China Trade Talks Said To Be Back On; Dow Soars, Gold Slumps

IG Client Sentiment data shows traders are positioned in a wide variety of currencies and commodities.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on USDJPY – bullish or bearish? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

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