Market News

Losses for the Pound Sterling were extended in London trade where Sterling hit a 2-week trough versus the greenback.

Despite being a contested decision, the European Union leaders decided to nominate the International Monetary Fund director Christine Lagard to succeed the European Central Bank head Mario Draghi at the end of October this year.

Asian benchmarks were broadly lower to start the day on Wednesday despite the continuing run on Wall Street that saw all three benchmark indexes close higher on Tuesday.

The economist Nouriel Roubini, who has been called "Dr. Doom" in the past, warned against an upcoming recession next year, that could be caused by the increasing trade tensions between the United States and its trade partners and a spike in oil prices.

The S&P 500 hit fresh highs on Monday as traders found new optimism about the trade deal between the United States and China that is supposedly in the works.

The Pound Sterling continues to come under pressure in London trade as the latest economic data disappoints.

The United States President Donald Trump said the U.S. is winning the trade feud, right after renewing the trade talks and reaching a trade truce with the Chinese.

The Japanese Yen lost favor among FX traders during Monday trade in Tokyo after it was agreed by their respective administrations that China and the United States would resume trade discussions.

This week is likely to see less market activity than last week, with important central bank input due concerning only the Australian Dollar. There will also be a release of important U.S Non-Farm Payrolls data.

The US Dollar was largely under pressure in Asian trade on Friday ahead of the G20 summit in Osaka.

The US Dollar continues to move higher against its major rivals on growing expectations that the trade rift between China and the US will be put to rest before this weekend's G20 summit.

The Japanese Foreign Minister Taro Ono said on Thursday that Japanese investors could leave the United Kingdom if they leave the European Union without a deal.

According to reports from the South China Morning Post published on Thursday, the United States and China have come to a tentative truce in their trade conflict two days before U.S. President Donald Trump meets Chinese President Xi Jinping

Sterling continues to come under pressure and is close to trading at its 5-month low on the reaffirmation of old news that the likely next Prime Minister will withdraw from the EU even if an agreement has not been reached.

The Chinese economy modestly improved in the second quarter according to CBB's Beige Book.