During US – S. Korea meeting Trump expressed his concerns over the scheduled meeting with North Korean leader Kim Jong Un. If this summit finally takes place, it will be the first ever between US and N. Korea. The President of S. Korea visited Washington to act as an intermediary for the successful execution of the Singapore summit.
Before his meeting with President Moon Jae-in, the US President stated that there is a “substantial chance” the Singapore summit “won’t work out”. Trump wants to explore further whether there is serious probability that Pyongyang will proceed with the denuclearization of the Korean peninsula. The US President has stated several times that he will not discuss if Kim Jong Un has no intention to respect his country’s commitments regarding denuclearization.
In the course of their private talks, Moon reassured Trump that Jong Un’s interest for the summit is genuine. In turn, the US President complimented Moon Jae-in for being “extremely competent” leader.
MARKETS
The US Dollar continued its rally, following the news on the “postponement” of US-China trade war. However, greenback headed lower against Yen and Swiss Franc due to Trump’s expressed disappointment over trade talks.
The Euro headed lower once again as uncertainty over Italy is still there. The common currency also fell to a 6-month low against US dollar. EURCHF dropped 0.3%, to a 2-month low.
The Sterling moved lower to a new 5-month low ahead of Important data to be published this week, including inflation and GDP. Such data may foreshadow whether BoE will raise rates.
The Japanese Yen rose against Dollar after Trump’s statement that he is not pleased with trade talks with China.
Gold continued to trade flat. The safe-haven metal carries on its struggle.
Oil prices hovered near 3 ½ year highs following Venezuela’s presidential election result and resulting sanctions. Fears over reduction of the country’s oil production exist. Brent headed lower.
Sources: Reuters, Euronews, CNN Money
PLEASE NOTE The information above is not investment advice.