{"id":1283,"date":"2019-03-07T06:56:06","date_gmt":"2019-03-07T06:56:06","guid":{"rendered":"https:\/\/forexvarsity.com\/welcome\/?p=1283"},"modified":"2019-03-07T06:58:13","modified_gmt":"2019-03-07T06:58:13","slug":"forex-calm-before-ecb-meeting-trump-pushes-china-deal","status":"publish","type":"post","link":"https:\/\/forexvarsity.com\/welcome\/forex-calm-before-ecb-meeting-trump-pushes-china-deal\/","title":{"rendered":"Forex Calm Before ECB meeting, Trump Pushes China Deal"},"content":{"rendered":"

\u00a0<\/span>Forex traders are paying close attention to the European Central Bank\u2019s (ECB) policy review later on Thursday, to see what it will do to cushion a slowdown in the Eurozone economy. Traders are also keeping an eye on U.S. President Donald Trump\u2019s newfound eagerness to forge a final trade deal with China.<\/p>\n

Reuters reported that some traders expect signals from the ECB of a delay in rate hikes until next year and a relaunch of long-term bank loans soon to counteract an economic slowdown.<\/p>\n

The\u00a0<\/span>U.S. Dollar Index<\/a><\/span>\u00a0<\/span>that tracks the greenback against a basket of six major currencies rose by 0.04% to 96.838 by 10:40 PM ET (3:40 AM GMT).<\/p>\n

Hope that the trade dispute between China and the U.S. will finally come to an end boosted market sentiment.<\/p>\n

On Wednesday, Bloomberg reported that Trump is pushing for a trade deal with China, which could help him with the 2020 re-election campaign. Investors are awaiting a final deal result that could end the year-long trade war between the world\u2019s two biggest economies.<\/p>\n

The Australian gained some ground against the dollar as the\u00a0<\/span>AUD\/USD<\/a><\/span>\u00a0<\/span>pair rose 0.15% to 0.7043.\u00a0<\/span>
\n\u00a0<\/span>
\nEarlier in the week, the Reserve Bank of Australia (RBA) released disappointing growth data for the last quarter. GDP grew 0.2%, below the 0.3% that had been widely expected. The slower growth has contributed to anticipation of a rate cut this year. The Australian dollar\u202falso took a hit\u202flast month after the RBA stepped back from\u202fa\u202flong-standing tightening bias.<\/p>\n

The\u00a0<\/span>USD\/CNY<\/a><\/span>\u00a0<\/span>pair inched up marginally by 0.01% to 6.7104. The yuan remained supported by a possible U.S. trade deal.<\/p>\n

On top of setting a target band for the 2019 economic growth between 6% and 6.5%, the Chinese government also said at the ongoing annual meeting of the National People’s Congress that the country is cutting taxes and fees by nearly CNY2 trillion ($300 billion) to support various industries.\u202f\u00a0<\/span>
\n\u00a0<\/span>
\nThe People’s Bank of China (PBOC) set the yuan reference rate at 6.7110 versus the previous day’s fix of 6.7053.\u00a0<\/span>
\n\u00a0<\/span>
\nElsewhere,\u202fthe\u00a0<\/span>USD\/JPY<\/a><\/span>\u00a0<\/span>pair was down 0.04% to 111.71. Soft U.S. data, the dragging Sino-U.S. trade talks and the uncertainty surrounding Brexit are contributing to a risk-off sentiment.<\/p>\n

The\u00a0<\/span>USD\/NZD<\/a><\/span>\u00a0<\/span>pair was up 0.21% to 1.4739.<\/p>\n

Besides the ECB meeting results, traders are now looking to Friday\u2019s U.S. non-farm payrolls release for February which will point to the strength of the labor market.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0Forex traders are paying close attention to the European Central Bank\u2019s (ECB) policy review later on Thursday, to see what it will do to cushion a slowdown in the Eurozone economy. Traders are also keeping an eye on U.S. President Donald Trump\u2019s newfound eagerness to forge a final trade deal Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[9,10,1],"tags":[],"class_list":["post-1283","post","type-post","status-publish","format-standard","hentry","category-homepage","category-latest-news","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/comments?post=1283"}],"version-history":[{"count":1,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1283\/revisions"}],"predecessor-version":[{"id":1284,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/1283\/revisions\/1284"}],"wp:attachment":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/media?parent=1283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/categories?post=1283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/tags?post=1283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}