Early relief for risk sentiment?
The Chinese Commerce Ministry has been on the news wires this morning, and despite initial comments urging the US to consider the removal of tariffs - from both sides - they have later gone on to say that they have agreed (with the US) to remove tariffs in phases, dependant on the content of the trade deal as it progresses. The latest developments as of last night suggested there would be a delay to any signing of a (Phase One) deal, and this saw risk sentiment sagging a little, though not by any notable degree.
This morning though, the conciliatory remarks have given risk on a lift, and this has pushed USD/JPY back towards the 109.00 level, though once again, we see little conviction in the move as talk ebbs and flows back and forth from positive to negative. What is clear though, is that equity markets clearly have an appetite for pushing higher, with the leading S&P 500 in the US pushing to new record highs through the futures markets this morning.