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The escalation of the trade dispute has remained in focus even in the absence of any new material developments, according to analysts at Danske Bank.

Key Quotes

“China has vowed to retaliate to US measures and said yesterday that it is considering ‘other options’ than tariffs; this could possibly take the form of providing US competitors with better access to the Chinese market. That said, the prospect of new talks between the US and China have been raised by officials on either side.”

“Separately,  Trump continued the confrontational rhetoric at the NATO summit  when reiterating the US’s dissatisfaction with the uneven contributions to the alliance. USD ended the day markedly stronger against both EM and majors including JPY as US PPI and wholesale-trade figures came out strong.”