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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

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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)

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.com or via Twitter @nickcawley1.

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

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