President Trump as sang the praises of China and Asia regarding trade talks. The White House has said great progress has been made regarding negotiations with China, and Trump indicated he may re-enter the U.S into the TPP, the Trans Pacific Partnership.
Trump Praises China and Asia Trade, Wall Street Should be Watched
President Trump has stirred the broad global markets again. The White House has seemingly reversed its position on trade with China and Asia, and announced great progress has been made in negotiations, and it believes tariffs will not be needed on a large scale. The White House has also made it clear it is willing to reconsider its participation in the Trans Pacific Partnership and actually join the trade group again. Wall Street turned in solid gains yesterday. Asian markets have advanced in Japan, while the Hang Seng Index in Hong Kong has produced fractional selling. Trade Balance statistics from China this morning did come in below their forecasts. Europe will release trade figures this morning. U.S investors will likely produce rapid trading later today, and may prove to be buyers.
Euro and Yen Weaker but Pound Still Strong, Central Bank Themed Trading
The U.S Dollar has gotten stronger against the Yen and Euro the past day. Interestingly, the Pound has proven slightly stronger against the U.S Dollar. The British currency has exhibited signs of strength the past week and this may be occurring as the U.K continues its Brexit talks with the European Union. Data will be relatively light from the U.S today, and forex will likely be affected by prevailing sentiment surrounding central bank outlooks. Meaning range trading will likely be prevalent before going into the weekend.
U.S Crude Oil as a Barometer of Risk, Crude Oil Retreats from Highs
U.S Crude Oil may prove to be an intriguing barometer regarding broad market risk before going into the weekend. Having established highs as geo-political concerns raised mid-week, the commodity is below 67.00 U.S Dollars per barrel as tensions have lessened and global equities have improved.
University of Michigan Consumer Sentiment, European Trade Data
The University of Michigan’s Consumer Sentiment reading will be released in the U.S today at 14:00 GMT and be of interest for traders.
- 9:00 PM GMT, E.U, Trade Balance
- 14:00 PM GMT, U.S, Preliminary U of M Consumer Sentiment