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Risk on as US and China agree to a trade war ceasefire.

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Risk on as US and China agree to a trade war ceasefire.

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Risk demand gapped higher overnight, in response to the US-China trade ceasefire announced over the weekend. The greenback opens slightly weaker this morning as a result, especially so vs. the commodity currencies.

In other news, oil gained +5% after Russia and Saudi Arabia extended their accord on oil production cuts, the effects of which have been seen mostly in the reaction of USD/CAD. < /p>

Itís a heavy data/risk event this week for the USD, with ISM Manufacturing PMI due today, Fed Chair Powell due to testify on Wednesday, another Powel speech on Thursday, and employment data on Friday.



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