US FX Handover: White House in Damage Control Mode on Trade

Matt Weller
By :  ,  Head of Market Research
  • US policymakers were in damage control mode after yesterday’s big risk-off move. Treasury Secretary Mnuchin suggested that he could visit China “soon” to continue trade talks, while President Trump said that talks had not collapsed and described the disagreement as a “squabble.”
  • The kiwi and loonie were the strongest majors on the day. The pound brought up the rear after PM May announced she would bring forward a Brexit withdrawal bill in the week of June 3.
  • EUR/USD is consolidating in a triangle pattern within its larger bearish trend.
  • Bitcoin burst above $8k before reversing back toward yesterday’s close – a possible “inverted hammer” top in the making?

Related tags: Forex

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