Investors are awaiting the G-20 summit impatiently as the impact on markets has started. The US Dollar gained strength rising by 0.2% while the Japanese Yen fell with the USDJPY trading at 108.10.
Trade war talks and the instability surrounding the current situation between the US and Iran formed fears among investors and affected the market trends dramatically.
The US President Donald Trump warned yesterday that possible additional tariffs could be imposed on Chinese goods, if there was no progress after trade talks this weekend in the G-20 summit.
The trade talks have started already with the US expecting reaching a deal with China very soon. Until the deal is official, the US President is strictly looking after the benefit of the US economy hence, if the deal is not reached, we may see additional tariffs imposed on Chinese goods.
The US and Chinese leaders will meet on Saturday to discuss the future of the trade relationship. If all goes to plan, then the trade talks will resume after this meeting in hope to close a deal that will benefit both countries economy and bring stability back to the markets.
The US Dollar was under pressure as President Trump seems to be unhappy with the Fed’s Chairman, Jerome Powell who is not welling to impose rate cut. Trump has stated “Powell is doing a very bad job; we should have Draghi instead”.
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