ZuluTrade Blog

Trump's tweet on US-China deal boosts markets!

Market View | Tuesday, June 23, 2020 1:15 PM GMT

Markets were confused after the latest news regarding the US-China trade deal status. According to Fox News, Peter Navarro, White House trade advisor, said that the US-China deal has been over, however, he came back and claimed that his statement has been misunderstood. In the meantime, Trump posted a comment on twitter for the same topic:

This was enough for the future market to reverse to the upside and trimmed the initial losses. Additionally, this helped Oil as prices are moving higher today. Reading EU new reports, Wirecard’s latest developments and positive economic data are boosting EU indices to the upside. EU PMI exceeded the forecasts as it rose to 47.3 in June from 30.5 in May while Germany’s PMI increased to 45.8 from 32.3. Similarly, UK data were better than expected as manufacturing and services PMI was improved. 

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Asian Market rebounded today as all major indices closed in positive territory. The primary reason was the latest update on the US-China trade deal. 

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Heading to the forex market, EURUSD performed a bullish breakout from the falling wedge, and it’s moving near to 1.1288 area. GBPUSD reached the upper side of the declining channel and its currently testing the 20EMA. USDJPY is still moving sideways and there is no clear trend. USDCHF performed a bearish breakout from the triangle and its currently testing the 61.8% Fibonacci level.

EURUSD 240m chart

GBPUSD 240m chart

USDJPY 240m chart 

USDCHF 240m chart

Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on USDCHF, while bearish on EURUSD and USDJPY. 

In focus today (economic calendar):

UnitedKingdom - BoE's Governor Bailey speech


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