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EU FX Handover: All Eyes on Trade Talks

  • The EUR has been the strongest currency so far in the day and GBP the weakest. The former has been supported by slight improvement in Eurozone data, while the latter has been undermined by fading hopes over a cross-party Brexit deal.
  • Sentiment towards equity markets remain bearish and other markets are in a holding pattern ahead of the high-stake trade talks between US and China officials later.
  • In other markets: US stock index futures point to another lower open, tracking weaker European markets; gold remains on the backfoot after it retreated from its well-established bearish trend line; Brent oil bounced off its lows on news the OPEC pumped 30.26 million barrels per day in April, down from 30.40 million in March, as sanctions-hit Iran’s output fell, while WTI oil is coiling around $1 above $60 handle.

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