For now at least, the dollar is holding lower as the woes continue for the currency. USD/JPY is down 0.5% to near 144.00 after backing away from another run up to 145.00 at the end of last week. Meanwhile, AUD/USD buyers are starting to test the waters for a firmer break above the 0.6500 mark so that is one to watch out for as well.
Traders are keenly awaiting details on US-China trade talks in London today but so far there is no word on when exactly it will happen.
The two sides are no doubt scrambling to sort out an agenda, with market players definitely eyeing discussions about rare earth supplies. China is even seen offering a gesture of goodwill here. So, that will at least help to ease some of the tensions before the two sides meet later in the day.
That being said, it is still doubtful that we will see any material progress. There were nice words exchanged in Geneva but not much real headway after. And I would expect the same to be seen this time around as well.
Sure, there might be some gestures of amity to be expected after. But a proper trade deal and one that will see both sides honour it? Still a pipedream more than anything else if you’d ask me.
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