Second day of negotiations for the US Secretary of State and North Korean envoy, Kim Yong Chol in New York. Kim Yong Chol, Pyongyang’s senior official and trusted adviser to North Korea’s leader, met Pompeo in Wednesday in a private dinner. Nuclear talks take place ahead of Singapore summit.
Emphasis is given on nuclear weapons differences and specifically USA’s request from Korea to give up its nuclear program. In turn, USA is willing to lose sanctions on North Korea.
North Korean envoy is the most senior official formally visiting the States since 2000. Yong Chol coordinated Kim Jong Un two meetings with Pompeo. Moreover, along with Kim Jong Un’s sister were the only two officials to join the North Korean leader at the two inter-Korean summits.
The negotiations outcome will establish whether the meeting between Trump and Kim Jong Un will take place in June. Following a lot of back-and-forth, high diplomacy and threats on either side, the greatly expected Trump-Kim summit seems to approach. However, according to Reuters, there will be no summit unless North Korea is clear about what they will do. It seems that the USA has no intention to participate in the summit just to “discuss” once more. Trump will probably participate in the summit if they are going to reach a final agreement finalizing details.
The US Dollar fell against its major-traded rivals including Yen.
The Canadian Dollar raised 1.4% against US dollar after data released by the Bank of Canada regarding rates.
The Euro corrected higher 0,5% to a 3-day high, following polls in Italy showing that most of Italians would like Italy to stay within EU. Also, the common currency rose 1.1 % on Wednesday which is its second-biggest daily gain this year as Italexit concerns soften.
Oil prices headed lower below $75 pb ahead of OPEC meeting and supply increasing.
Gold remained unchanged as USD and Treasury yields fell. Analysts expect that the precious metals will climb higher as instability boosts safe-haven demand.
Sources: Reuters, Euronews, CNN Money
PLEASE NOTE The information above is not investment advice.