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China hopeful ahead of trade talks

Brexit is supposed to be only five weeks away, the US has launched an impeachment probe into Trump, and China is hoping for positive trade talks next month.

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The Dollar drifted this morning from multi-week highs against most major currencies in the light of fresh political turmoil in the US following a whistleblower report suggesting Donald Trump abused his office.

The greenback was marginally weaker against the safe-haven Yen and retreated from a two-year peak against the Euro, having steadied around $1.0921. It also fell against the trade-sensitive Australian and New Zealand Dollars, which gently rallied on hopes the US-Chinese trade talks, due to resume next month in Washington, will bring progress. CNBC reported that the talks, which are scheduled for 10–11 October, were on track.

Chinese Foreign Minister Wang Yi said China was willing to buy more US products, stating both sides were showing goodwill ahead of new trade talks. Speaking a UN Security Council luncheon in New York, he said, “We hope both sides can take more enthusiastic measures, reduce pessimistic language and action. If everyone does this, talks will not only resume but will proceed and yield results.”

The Chinese Yuan eased to 7.1327 per Dollar as weak domestic demand and the trade war pushed industrial profits lower.

Markets are also digesting the impeachment inquiry into allegations that Trump pressured Ukrainian President Volodymyr Zelensky to investigate his leading political rival Joe Biden.

The whistleblower report released yesterday, 26 September suggested that not only did Trump abuse his office in attempting to solicit Ukraine’s interference in the 2020 US election, but also tried to “lock down” evidence about it.

Meanwhile, the Pound edged higher to $1.2330, having hit a two-week low yesterday after EU Brexit negotiator Michel Barnier said Britain had yet to provide “legal and operational” proposals for exiting the bloc.

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