Heading into the later phase of Thursday’s segment the market observed a modest recovery take shape, bolstered on the back of commentary from US President Trump stating it was still possible for the US and China to reach a deal this week.
The DXY, or US dollar index, retained its bid tone yesterday, though remains struggling to overthrow a weekly resistance positioned at 97.72.
US equities declined sharply Tuesday, as financial markets contended with the risk of an all-out trade war between China and the United States. The S&P 500 ended the session down 1.65%.
Sterling reclaimed a large portion of Friday’s NFP-induced gains Monday, weakened on the back of comments from senior Labour figures, who chucked cold water over the prospect of an imminent cross-party development.
Violating a two-week bearish phase within the parapets of a long-standing demand zone at 1.1119-1.1295, the EUR/USD recovered in reasonably strong fashion last week.
