New location for US-China meeting

Daily Analysis - 01/11/2019

President of the U.S said that Phase one deal is 60% of the whole process

Yesterday Donald Trump the President of the United States announced that the new location for starting the discussion regarding the “phase one” of U.S.-China trade agreement will be published shortly following the cancellation of the meeting in Chile due to the rallies. Yesterday President Donald Trump said in a tweet that “China and the USA are working on selecting a new site for the signing of Phase One of the Trade Agreement, about 60% of the total deal, after APEC in Chile was canceled due to unrelated circumstances,” “The new location will be announced soon.

The dollar index dropped more than 10%

On Friday the greenback fell close to a 21-day low against the Japanese yen before the publishing of the U.S. employment statement that is foreseen to register retardation in job creation, boosting the anxieties regarding the state of the world’s greatest economy.

The popular USD also suffered drops versus the GBP and EUR following a Bloomberg report that Chinese executives have second thoughts regarding the success of a complete long-term resolution to the U.S.-China trade conflict.

Oil level up but set for a weekly drop

On Friday Oil went up following a stressful week. However, remained to its course for declines of around 4%, beaten by a mixture of increasing global stocks and the unknown demand for the popular commodity. Brent crude increased by 5 cents, to $59.66 a barrel, heading for a drop of nearly 4%. U.S. crude increased for the first time in almost a week increasing by 18 cents, to $54.35 a barrel.

Gold is heading for a 14-day increase

On Friday the safe haven Gold fell as traders gauged the Federal Reserve’s expected rate cut position. However, the popular yellow metal was produced for a 14-day increase while the risk encompassing a U.S.-China trade agreement supported safe-haven demand.

Spot gold dropped 0.2% to $1,510.76 per ounce, while U.S. gold futures fell 0.1% to $1,513.19 per ounce.