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US Secretary of State Mike Pompeo crossed wired during the early Wednesday morning in Asia. The Trump administration member cited the cold war analogy in terms of relations with China while suggesting announcements for the same in the coming days or weeks.

Key quotes

Will have announcements on China coming in ‘days, weeks’.

Cold War analogy has some relevance’ with China but challenges different.

FX implications

With the news challenging the recent market optimism, S&P 500 Futures kick-starts Wednesday’s trading with a 0.05% loss near 3,528. In doing so, the risk barometer ignores Tuesday’s upbeat performance by Wall Street, mainly due to the heavyweight tech-rally and welcome prints of the US ISM Manufacturing PMI.

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