TradeTheNews.com Weekly Market Update
This week’s trade opened amid lingering doubt surrounding the US/China trade truce. China reportedly wanted more talks before signing “phase 1” of any trade agreement. Those concerns receded after officials on both sides indicated they remain hopeful as they work towards formally documenting the deal ahead of next month’s expected Xi/Trump meeting in South America. As the week progressed, focus moved onto intensified Brexit negotiations and Q3 earnings season. By early Thursday UK PM Johnson and EU officials confirmed an agreement that could potentially allow for the UK to leave the EU with a deal by the end of this month. But sentiment was far from exuberant as it remained unclear if this version of a deal can get the nod from the UK Parliament at its “super Saturday” sitting. As the Brexit deal came together the pound sterling strengthened against the dollar throughout the week, reaching 5-month highs by Friday as one press report suggested PM Johnson will get the proposal passed by a razor thin margin.