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Hello everyone, today XM Forex will bring you "[XM official website]: Sino-US trade agreement is optimistic, the market is easing". Hope this helps you! Original content below:
October 27 Markets turned risk positive at the start of the week as investors grew increasingly optimistic that the United States and China could reach a trade deal ahead of the highly anticipated meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Monday's economic calendar will not release any advanced data.
Late last week, U.S. Treasury Secretary Scott Bessent said after meeting with senior Chinese officials that China was ready to reach a trade agreement to avoid imposing new 100% tariffs on Chinese imports. Bessant further noted that a framework has been prepared for a meeting between Trump and Xi, adding that they expected "some kind of delay" in China's planned rare earth export controls.
Reflecting improved risk sentiment, U.S. stock index futures rose 0.6% to 1.1% in early European trading on Monday. On Friday, U.S. data showed annual inflation, measured by changes in the consumer price index (CPI), edged up to 3% in September from 2.9% in August. The reading was below market expectations of 3.1%. The U.S. Dollar Index was trading within a narrow range just below 99.00 in early European trade after closing higher last week.
EUR/USD held above 1.1600 early on Monday. Later this week, both the Federal Reserve (Fed) and the European Central Bank (ECB) will announce monetary policy decisions.
USD/JPY continues to move higher after rising nearly 1.5% last week and trading above 153.00. Japan’s Chief Cabinet Secretary Minoru Kihara reiterated on Monday that the oppositionReflecting fundamentals, it is important for currency stability to trend.
GBP/USD closed in negative territory for the sixth consecutive trading day on Friday and hit its lowest level since mid-October, below 1.3290. The pair held its ground on Monday and posted modest gains above 1.3300.
USD/CAD remains under mild bearish pressure in early European trading, trading below 1.4000. The Bank of Canada is expected to cut its policy rate by 25 basis points to 2.25% on Wednesday.
Gold fell more than 3% last week and opened with a bearish gap. As of press time, gold was trading below $4,100, a daily decline of nearly 1%.
Euro: EUR/USD continues to trade in a range, with intraday bias remaining neutral. On the downside, a break below 1.1540 would resume the decline from 1.1917, targeting support at 1.1390, and even further back to the 38.2% retracement of 1.0176 to 1.1917 at 1.1252. On the bright side, though, a break above the 1.1727 resistance will see the uptrend back towards 1.1778 and then a retest of the 1.1917 high.
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