Trump-Xi summit is casting a large shadow over markets
Markets are looking to go out on a whimper as we close out November with trading so far rather subdued as traders are treading cautiously ahead of the Trump-Xi summit in Buenos Aires this weekend.
There isn't much direction to start the day with Asian equities rounding off the week with decent gains but US equity futures are less buoyant. Treasuries are also flat as we begin the day so that's not really helping with sentiment too.
On the face of it, the kiwi is leading the major currencies bloc but is only up by 8 pips against the dollar currently. What a snooze fest. I would expect headlines to be the market mover in the session ahead as economic data shouldn't offer too much to change the current landscape so hopefully we'll see some action to come.
Here are the ranges for the dollar pairs thus far:
- EUR/USD - 15 pips
- USD/JPY - 15 pips
- GBP/USD - 21 pips
- USD/CHF - 18 pips
- USD/CAD - 21 pips
- AUD/USD - 15 pips
- NZD/USD - 20 pips
