Daily thread to exchange ideas and to share your thoughts
Happy Friday, everyone! Hope you're all doing well as we navigate through the final day of the trading week. It's been very much a snooze fest in trading so far to start the day with little notable action as markets are awaiting the Trump-Xi summit with abated breath.
The dollar is holding its ground against the rest of the major bloc for the most part but in truth, the trading ranges are inconsequential so far. EUR/USD still sits in a 25 pips range and even USD/CAD which is stretching to 1.3300 levels now still sits in a 34 pips range only.
There is a slight touch of risk aversion as we begin European trading as auto stocks are driven lower due to tariff fears. That's led the DAX to move into negative territory and is also dragging risk assets like oil and the aussie a little lower. Oil's fall to session lows now (down 0.5%) is what is keeping the loonie offered for the time being.
Meanwhile, there is little action seen everywhere else as all eyes are on the much awaited confrontation between Trump and Xi in Buenos Aires. How do you think that's going to play out? Will we see the US possibly retract/postpone tariffs on China? Or will this be the same story that we've seen all year long from the two?
What are your views on the market right now? Share your thoughts/ideas with the rest of the ForexLive community here.
They should play this at the G-20 summit later today and tomorrow~
