NY Open: Twenty pounds of headlines
Markets started the day in a confusion of incoming news as ECB chatter met with trade talk updates and US macro data. EURUSD took it on the chin and dropped from 1.1270 to 1.1235.
Head of FX Strategy
Summary: The Xi-Trump agreement to press the pause button on their mutual showdown over trade has triggered a global risk-on celebration. In reaction, the US dollar is weaker across the board, particularly versus the commodity dollars and emerging market currencies.