President Trump’s Negotiating Team has been reported to have suggested that the China deal was wow ‘stalled because of Hong Kong legislation’ according to Axios Sources.
The Sino/US trade news wires are leaning bearish to kick off the week as sentiment builds over China’s requirement that tariffs must be rolled back as part of the so-called ‘phase-one’ deal. However, so far, the fx-space is not directly reflecting such a mood with the yen firmly on the backfoot in the open. AUD/JPY is bid by 0.1% at the time of writing.
Key notes
- Phase one deal with China would probably happen year-end at the earliest.
- Several substantive obstacles remain.
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