Not a whole lot going on to start the day
There are mild positive tones in risk as market participants are looking hopeful for a trade truce ahead of the Trump-Xi summit to come this weekend. Asian equities are posting decent gains with Chinese equities also higher by almost 1% and oil prices are also recovering, being up by 1.5% on the day so far.
My take on the matter will very much be the usual that we've seen from most meetings between US and China. There will be a good bout of optimism upon conclusion but in truth, nothing will really change. The dispute between US and China will run for quite some time still, so don't expect things to be resolved by just one meeting between leaders of the two countries.
The slightly optimistic twist is helping the aussie and kiwi to lead the charge ahead of European markets open but really there is little action among the major currencies to start the day. Here are the ranges in dollar pairs:
- EUR/USD - 15 pips
- USD/JPY - 17 pips
- GBP/USD - 26 pips
- USD/CHF - 11 pips
- USD/CAD - 17 pips
- AUD/USD - 20 pips
- NZD/USD - 17 pips
