Gold prices remain under pressure around $1,512.85 on Monday. In doing so, the yellow metal ignores the weekend news that should have been provided additional fuel to the safe-havens run-up beyond the nine-week high.
Cautious optimism surrounding the phase-one deal got another puzzle to solve during the weekend, which came from the South China Morning Post (SCMP). The Chinese media conveyed Beijing’s readiness to follow the promises on the condition that the US behaves seriously.
While speaking at an event in New York , Federal Reserve Vice Chairman Richard Clarida said that there was no reason to expect the economic expansion wouldn't continue at its current rate and noted that he didn't think a recession was imminent.
Broad US dollar weakness extended into Asia this Friday, with year-end holiday-thinned trading to keep most majors in tight trading ranges.
The dust settled after the Christmas day volatile moves in the US dollar index. The Kiwi sits at five-month tops above 0.6680 on fresh US-China trade optimism after Beijing said it is in close touch with the US on a trade deal signing ceremony.
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DJIA index touched new record highs on today as President Donald Trump said over the weekend that the United States and China would "very shortly" sign their so-called Phase One trade pact.
The Australian Dollar has remained under pressure, despite global stock markets having taken a turn higher as markets reappraise the US versus Iran standoff. A Caixin report saying that China will not increase its annual low-tariff import quotas for US agricultural produce raised doubts with regard to the yet-to-be-signed “phase-1” trade deal. There was also a research note from Citi analysts highlighting that upside Chinese data surprises have been diminishing since mid December. This appeared to weigh on the Aussie, which is widely seen as a liquid China proxy currency.
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