News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • The US Dollar Index (DXY) is currently working on a short-term lower-low to a new monthly low. Get your $USD technical analysis from @PaulRobinsonFX here: https://t.co/a15nZSJVAK https://t.co/ib3Qy6V7rM
  • Gold Price Forecast: XAU Bulls Tempt Breakout - but Can They Drive? https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/10/21/Gold-Price-Forecast-XAU-USD-XAUUSD-Bulls-Tempt-Breakout-but-Can-they-Drive.html $Gold https://t.co/sxJN2CUvqp
  • Brexit talks are set to resume, a headline that shouldn’t be a surprise to many given the renewed optimism, but enough to give the Pound an added push towards session highs. Get your $GBPUSD market update from @JMcQueenFX here:https://t.co/nRIIH1qIFi https://t.co/vJS5i1cBKb
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 2.27% Gold: 1.18% Oil - US Crude: -3.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Tign6RxU3c
  • Fed's Kaplan says it would be very helpful to have another round of PPP - BBG
  • "EUR/USD Shorts Spike Amid Second Wave & Stimulus Uncertainty" -via @IG_US $EURUSD traders turn more bearish as coronavirus restrictions mount across Europe, but rates could keep rallying thanks to stimulus hopes. Link to Analysis: https://t.co/AGFYjnWtun #FX #Forex #Trading https://t.co/i1Ja3cm10W
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.68% 🇳🇿NZD: 1.36% 🇦🇺AUD: 1.10% 🇪🇺EUR: 0.43% 🇨🇭CHF: 0.35% 🇨🇦CAD: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WZ9WbvQnBM
  • New York virus cases rise above 2k for first time since May - BBG
  • U.K. agrees to continue #Brexit trade talks with the European Union - BBG
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: -0.05% Germany 30: -0.07% FTSE 100: -0.09% France 40: -0.18% Wall Street: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0y1VU4Ri4I
SPX Drops on Trade War Headlines

SPX Drops on Trade War Headlines

2019-10-29 16:16:00
Thomas Westwater, Contributor
Share:

US-China Trade War Talking Points:

  • Reports from US Officials cite that phase-one of the US-China trade deal may not be signed at Chile's APEC summit
  • US stocks drop along with a spike in USDCNH

The S&P 500 is pushing to new highs this week, but the latest US-China trade war headlines are injecting a fresh round of uncertainty for traders this morning following a Reuters report that the anticipated phase 1 trade agreement initially expected to be finalized for a Trump-Xi signing the Chile APEC summit next month may not be ready in time. This is a stark contradiction to recent commentary from President Trump who jawboned stocks to record highs after stating talks are ‘ahead of schedule’ for reaching the Chile APEC summit deadline scheduled for mid-November.

SPX (5-Min Chart)

SPX 5-Min Chart

Along with a drop in US equities the Chinese Yuan is dropping against the US Dollar with spot USD/CNH spiking above the 7.0650 level following the trade headlines. The report from Reuters also noted that progress is still being made despite the potential delay for President Trump and President Xi to sign a phase 1 trade agreement. However, markets reacted negatively to this headline as progress in talks has been walked back numerous times in the past.

USDCNH (5-Min Chart)

USDCNH 5-Min Chart

As investors eye this week’s heavy lineup of economic data kicking off tomorrow with the US’s advanced reading of Q3 GDP before the US and Canada both announce rate decisions from their respective Central Banks, trade war headlines outside of a complete breakdown in talks may not impact markets as drastically as it might otherwise. The Bank of Canada is expected to keep rates unchanged while a 25-bps cut is largely anticipated from the Federal Reserve.

DFX Economic Calendar

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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

DISCLOSURES