US FX Handover: Traders on Tenterhooks Tracking Trade Talks
Matt Weller, CFA, CMT May 9, 2019 4:01 PM
See a summary of the top FX themes and trends from today's US session!
- US-China trade anxiety peaks, with President Trump noting that it was still possible to get a trade deal this week, but that he had an “excellent alternative” to a China deal. Negotiations resume at 17:00 ET (21:00 GMT) ahead of an escalation of tariffs at midnight ET.
- The safe haven Swiss franc and Japanese yen were the strongest major currencies today.
- The US dollar was the weakest major currency, hurt by trade fears and a slight miss in final PPI demand figures for April (2.2% y/y vs. 2.3% eyed).
- EUR/USD held steady within a triangle pattern despite decent EU data.
- Gold edged higher, while oil and US stock indices fell. Bitcoin ticked above $6,000 for the first time since November
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