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AUD & CAD Gain on China’s Stance, US Dollar Unmoved by Q2 Growth - US Market Open

AUD & CAD Gain on China’s Stance, US Dollar Unmoved by Q2 Growth - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – AUD & CAD Gain on China’s Stance, US Dollar Unmoved by Q2 Growth

DailyFX 2019 FX Trading Forecasts

AUD / CAD / NZD: Commondity currencies are notably firmer this morning as China’s seemingly softer rhetoric boosts risk appetite. The Chinese Commerce Ministry stated that they are willing to resolve trade tensions with the US provided that they were met halfway. China MOFCOM stated that this would entail the US cancelling its planned additional tariffs, adding that both sides should create conditions for progress. However, while this may have underpinned risk sentiment, focus is now back on the response from the Trump administration, which could see the upside faded if the US rebuffs the gesture.

Italy: BTPs and the FTSE MIB continue to edge higher as the prospect of a more business friendly coalition between the PD and 5star party grows. Consequently, with Italy looking set to avoid snap elections, optimism has grown over the possible passing of the 2020 budget due mid-October.

USD: US Q2 GDP had been revsied lower to 2% from 2.1%, however, despite this, while growth is indeed slowing, it still remains relatively robust, particularly against its major counterpart, while personal consumption has also continued to be strong.

AUD & CAD Gain on China’s Stance, US Dollar Unmoved by Q2 Growth - US Market OpenAUD & CAD Gain on China’s Stance, US Dollar Unmoved by Q2 Growth - US Market Open

Source: DailyFX

WHAT’S DRIVING MARKETS TODAY

  1. USD/JPY, GBP/JPY Forecast: Price May Rally Above Weekly Resistance” by Mahmoud Alkudsi, Market Analyst
  2. GBPUSD Outlook: No End in Sight for Trend Lower” by Martin Essex, MSTA , Analyst and Editor
  3. Trade War Latest: China Softening Stance, Eyes on US Response” by Justin McQueen, Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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