E-minis and DAX surge to session highs on the day
It looks like Wall St is set for a buoyant mood at the open as China continues to deliver on the trade front. Yesterday, it was news about soybean purchases. Earlier today, they talked up discussions with US officials on trade. And then now, there's possible reduction of car tariffs to follow.
There's decent movement in risk currencies on the back of the news with the aussie and kiwi benefiting from this but the yen isn't really moving much relative to the jump higher in US equity futures and Treasury yields.
If the good mood holds up into US trading, I would expect yen pairs to further extend to the upside. Meanwhile, European equities are also looking buoyant as auto stocks are rallying on the back of the news here. The DAX is now up by 2.0% on the day and is set for its biggest daily gain since April.
