USD/CNH is making tracks to the downside, extending the winter 2018 sell-off as trade talk progress continue to support the Chinese Yuan.
The latest round of trade talks between the US and Chinese officials in Washington has encouraged President Trump to extend the 1st March deadline.
State Media is reporting that “China, U.S. Conclude Latest Trade Talks With Substantial Progress On Specific Issues”
Trump Via Twitter:
I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues. As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!
DXY H&S neckline pressured both ways:
This is a positive move for risk-FX, (such as the Aussie), and commodity markets and should help to keep the DXY’s H&S neckline intact for lower price levels to follow:
DXY hourly chart
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