By Giles Coghlan, Chief Currency Analyst at HYCM
Asian indices pressured
So we are back to the US and China heading towards signing a Phase 1 deal and mutually agreeing to roll back tariffs, phase by phase. The level of mistrust here shows that this deal is more of a ‘truce’ than a ‘deal’. The mental image that comes to mind is of two gun slingers from the Wild West slowing backing away from each other, but with the hands on the holster.
What does that mean for us? Well, it’s headline trading for traders, See the shift, pull the trigger, and then step out of the way again. Asian indices tilting to risk off.
Hang Seng: -0.66%
Shanghai Comp: +0.02%