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: A squeeze on long USD positioning over the last couple of sessions picked up pace overnight as US President Trump teased the market by supposedly ordering a draft of a US-China trade deal. This wouldn’t have anything to do with next Tuesday’s mid-term elections, would it?