US-China Deal sparks doubts

Daily Analysis - 14/11/2019

Trade deal uncertainty drove yen up

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On Thursday Uncertainties relating to the trade war and if the United States and China will be capable to reach an introductory trade agreement promoted safe-haven currencies like the famous Japanese yen and the Swiss franc while dragging the yuan down. The Chinese industrial output, retail sales, and investment data fell more than anticipated and that drove the Australian dollar, which was already beaten by thin local employment data, to a 30-day low. US-China trade discussions have ‘hit a roadblock’ regarding farm purchases, with China not desiring a settlement that favors the US side.

Risk appetite falls gold gains


On Thursday the famous safe haven Gold went up while Asian stocks went lower following a weaker-than-expected economic number from China. That number pressed the risk desire, supporting the demand for safe-haven assets. US gold futures advanced 0.1 % to $1,464.79 per ounce while Spot gold moved up 0.1% at $1,464.30 per ounce.

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Oil moved higher


On Thursday Oil surged following industry data that revealed a surprise decline in the US crude inventories. That happened while comments from an OPEC executive regarding a lower-than-expected US shale production increase in 2020 further contributed to the support for oil. US West Texas Intermediate crude increased 22 cents, to end at $57.33. Brent futures surged 16 cents, to $62.52 per barrel.

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Dow scored a record high


On Wednesday the Dow Jones Industrial Average scored an all-time top while Disney stocks rose as traders analyzed a statement from the Federal Reserve chief. The 30-stock average ended with more 92 points higher, at 27,783.58 while Disney surged 7.4% following a statement that Disney+ streaming service got more than 10 million sign-ups after starting on Tuesday.

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