Ways In Which The G20 Summit Might Influence The Forex Market


Ways In Which The G20 Summit Might Influence The Forex Market

With the G20 summit just round the corner, both new and veteran traders in the FX market have found themselves being influenced by the summit, whether directly or indirectly. And it’s not just the foreign exchange market. The stability and well-being of several markets depends on Trump and Xi finding common grounds on trade.

As the G20 summit weekend rolled around the corner, the situation was a bit mixed for foreign exchange traders and brokers alike. In addition, there was quite a lot riding on the meeting between Trump and Xi, which was to take place in Osaka, Japan.

According to the Wall Street Journal, China will most likely insist that the United States remove it’s ban on Huawei. In addition to the ban on Huawei products, China will demand that the US lift all the tariffs in place for Chinese imports. This message has also been propagated through out the Chinese media, which demands that the existing ban against China should be lifted.

This notion was also reflected in a tweet by Hu Xijin, the Chief in Editor for the Global Times who tweeted the following: “ Regarding the China-US summit, only two things are certain to me:1, The summit will be held. 2, China will stick firm to its core interests no matter what is the result. In the future, China will focus more on doing its own things well. This principle won’t change any more.”

With that being said, San Francisco president Daly stated that the tariffs in place were having a “modest” impact on growth rates and inflation since it was too early to determine whether or not a rate cut would be required. The data to validate his statement shows that US pending sales increased 1.1% in May. This increase might possibly be due to the potential prospect of lower interest rates, which had many Forex investors interested.

However, the main focal point was the US Q1 GDP growth, which was the same, stagnant 3.1%, at an yearly pace. This GDP rate ended up having absolutely no effect on the Forex market in any way.

With that out of the way, let’s have a look at the currency action critical to many Forex broker and traders.

  • EUR was stuck between 1.1350 and 1.1380.
  • GBP/USD was wavering, but ended up consolidating between 2725 and 1.2661.
  • USD/JPY stated the same at 107.75.
  • AUD maintained its rate for the seventh consecutive day between 0.6990 to 0.7007.
  • NZD/USD increased in the lieu of trade wars and the G20 summit, and catapulted to 0.6702 from 0.6680.
  • AUD/NZD decreased to 1.0445 from 1.0475.

With that being stated, Forex investors and brokers can find all the recent updates and happenings taking place in the Forex world, by the simple tap of a finger. If the world of foreign exchange and trade daunts you, staying in the dark about the events taking place is a crucial mistake, which might even ruin your business before it ever begins. For the latest fix, on the forex world, type in online-forex-brokers.com, and you’re good to go!

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