New York






Traders wait for trade war conclusion 

27 Nov 2019

In the build up towards the December 12th UK election, the GBP/USD pair trades at 1.2850. The latest election polls still show Boris Johnson’s Conservative side ahead of Corbyn’s Labour, despite the lead shrinking. 

With regards to the trade war, the U.S. President Donald Trump suggested that the dispute is on the brink of ending – after 16 months. A deal is expected to be reached soon. China's Commerce Ministry stated that members from both sides agreed to work for a deal to conclude the trade war whilst in talks over the phone. Traders now wait for a deal to be officially agreed. 

The USD downside played an important role in the Asian session on Wednesday. 

The U.S. economic docket conveyed the publication of Durable Goods orders for October, as well as predicted GDP growth figures for the third quarter. Furthermore, Pending Home Sales, Personal Income and Spending data were also released, potentially increasing the effects on the U.S. dollar. 

The EUR/USD opened Wednesday’s market at 1.1024, defending the previous session’s the instrumental 1.10 psychological mark. The pair continued its losing streak for the fourth consecutive day. 

German GFK Consumer Confidence Index exceeded expectations, resulting at 9.7 for December which helped the currency keep its place. However, the Conference Board's Consumer Confidence Index’s value dropped to 125.5 in November.