G20 OSAKA meeting has started. Trade wars — and the prospect of actual war — will dominate President Donald Trump’s agenda as he touches down in Japan, Thursday, for a highly consequential meeting of world leaders.
The presidents of the United States and China are expected to discuss their ongoing trade war at the G20 OSAKA summit. The outcome of the row will affect global economic growth and oil demand.
Trump’s continues to mold the world agenda. This year’s G20 summit represents a confluence of global crises that are all, to some measure, manufactured by him. Markets are poised to react to the outcome of Trump’s long-awaited trade talks with his Chinese counterpart Xi Jinping
The two countries have agreed to a tentative truce in their trade dispute ahead of U.S. and Chinese President Xi Jinping’s meeting on Saturday. On Wednesday, U.S. President Donald Trump said a trade deal with his Chinese counterpart Xi Jinping was possible this weekend, though he was prepared to impose tariffs on virtually all remaining Chinese imports if talks fail.
Investors are waiting to see whether U.S. President Donald Trump and Chinese President Xi Jinping will at least call a truce in their trade war. Attention is focused on a meeting between the leaders of the United States and China, embroiled in a lengthy trade war. Concerns over trade, conflict and oil will dominate the G20 summit.
The United States should immediately remove sanctions on Chinese telecoms equipment maker Huawei, a commerce ministry spokesman said on Thursday. Chinese officials said that Beijing was insisting on the removal of a ban on the sale of U.S. technology to Huawei as part of any rapprochement. Trump has suggested that Huawei could be part of a deal.
START TRADINGForex – G20 OSAKA meeting – trade war negotiations on focus
Negotiations between the world’s two largest economies have been fraught, however. Traders and analysts caution that a resolution at the G20 summit is far from certain.
The dollar index, which measures the U.S. currency against six of its peers, was at 96.097, broadly unchanged on the week.
The dollar traded at 107.66 yen, little changed on the day but on course for a 0.3% gain this week. The greenback mounted a recovery from a five-month low of 106.77 yen reached on Tuesday.
The euro edged higher on Friday after core inflation gauges in the euro zone held firm in June. Euro set for biggest monthly gain in 17 months as core prices firm.
Against the dollar, the single currency edged 0.2% higher at $1.1387. Versus the Swiss franc, the euro was broadly flat at 1.11 euros per franc.
The sterling fell to a new 5-month low on Friday as investors continued to fret about the possibility of a no-deal Brexit. Against the euro the British currency fell 0.2% to 89.92 pence, its weakest level since Jan. 11. Versus the dollar, the pound was steady on Friday at $1.2670 but down 0.6% for the week.
PLEASE NOTE The information above is not investment advice.
Sources: Reuters, Investing, CNN money