North Koreans were informed by N. Korean state media on Wednesday about the meeting of their leader with the US President in Singapore on Tuesday. Local newspapers reported the summit between the U.S. and North Korea describing it as a win of Kim Jong Un.
Korean Central News Agency (KCNA) placed emphasis on Trump’s intention to halt US-South Korea U.S.-South Korea joint military exercises. The KCNA also mentioned that USA will lift sanctions against N. Korea. However, Trump’s stated that US will review this issue in the future depending on progress in the denuclearization of the Korean peninsula.
According to KCNA, the Korean leader stated that it was “urgent” for the two countries to halt “irritating and hostile military actions against each other”.
President and North Korean leader signed a “comprehensive” joint statement after their historic summit in Singapore on Tuesday. Both leaders committed to work to promote peace and end war games in the Korean peninsula through its denuclearization. Nevertheless, the joint statement signed did not mention specific actions on how either goal would be achieved. To conclude, it was more a symbolic statement.
MARKETS
The dollar inched up against the common currency and Yen – its highest since May – ahead of FED policy meeting. Traders expect that FED will increase rates.
The Canadian Dollar followed its significant decrease during the previous weeks amid concerns for the tariff war with US, close to 3-month lows.
The Sterling edged down to one-week low amid ongoing concerns regarding Brexit negotiations. It dropped 0.2% against the single currency.
The Euro moved lower against the US dollar in early Wednesday trading ahead of today’s key rate decision from the US Federal Reserve.
Oil prices dipped as US output rises and expectations that OPEC may increase output as well.
Gold prices remained unchanged on Wednesday after falling to one-week lows the session before, with investors waiting for the conclusion of the US Federal Reserve’s meeting.
Sources: Reuters, Euronews, bbc.com