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Markets hope for a breakthrough in China/US trade talks.
The dollar has regained some ground overnight reversing some of the sell-off seen on Friday. Comments from Fed Chair, Jay Powell in Atlanta that the bank would look to be “patient” re: rate rises throughout 2019 had seen the greenback sold off and stock markets jump in America.
EUR/USD has fallen back to around the 1.1445 after looking like it may break through 1.15 and USD/JPY is back up to around the 109 handle after testing 108. Talks in Beijing are ongoing between US and Chinese officials in an effort to try and find an agreement between the world’s two largest economies over a future trading arrangement. Stock markets are up around the world so it appears there is hope of some progress being made. The only top-tier data from Monday came by way of an under-par ISM Non-Manufacturing PMI reading from the States with last month’s impressive 60.7 falling back to 57.6 providing further evidence that the US economy is starting to cool after a storming 2018.