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 reaction to the trade ceasefire started fizzling already yesterday as investors question some of Trump’s claims on what was agreed. Another strong session for the CNY, however, makes its own point and has dragged the USD down again with USDCNY overnight.