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Trade War Latest: China Softening Stance, Eyes on US Response

Trade War Latest: China Softening Stance, Eyes on US Response

2019-08-29 08:00:00
Justin McQueen, Analyst
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FX Price Analysis and Talking Points:

  • Trade War Latest | China Setting Conditions for Progress in Negotiations
  • Risk Assets Boosted

See our quarterly USD forecast to learn what will drive prices throughout Q3!

Trade War Latest | China Setting Conditions for Progress in Negotiations

Safe havens have seen a slight pullback with high beta FX (AUD) edging higher on the back of the latest commentary from the Chinese Commerce Ministry, in which they noted that they were willing to resolve the trade war providing the US met them halfway. As discussions take place with regard to a potential face to face meeting next month between US and China trade officials, the Chinese Commerce Ministry stated that they hope the US cancels planned additional tariffs in order to avoid an escalation, while also noting that both sides should create conditions for progress in negotiations. However, while this slightly softer tone from China has seen risk assets broadly supported, risks remain tilted to the downside as the likelihood of a deal is some way away, alongside this, eyes will be on the response from the US.

S&P 500 Price Chart: 1-Minute Time Frame (Intra-day)

Trade War Latest: China Softening Stance, Eyes on US Response

FX TRADING RESOURCES:

--- 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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