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Dollar weakens as US, China sign trade deal

The dollar pared losses but remained lower against the euro and the yen on Wednesday after the United States and China signed a deal to de-escalate their trade war.

There is “not much of a reaction at all to the trade deal signing,” said Shaun Osborne, chief fx strategist at Scotiabank in Toronto. It may be a mild negative going forward for the greenback, however.

“The dollar has done relatively well out of the uncertainty element that this protracted trade war has caused,” Osborne said. “So, at the margin we think its a dollar negative.”

The euro was last up 0.22% against the greenback at$1.1151. The dollar dropped 0.05% against the yen to 109.91, after the Japanese currency on Tuesday hit its weakest level since May at 110.20.

Sterling edged higher, reversing earlier losses after data showed UK inflation rose at its slowest in three years, feeding expectations the Bank of England would cut rates in January.

EUR/USD holds onto gains after the trade deal, ahead of US retail sales

EUR/USD is trading above 1.1150, holding onto its gains. The Sino-American trade deal left many topics open and it is unclear if Phase Two talks will start soon. US retail sales are eyed.

According to Trading Central (3rd party RIA) the EURUSD could be heading UP to 1.1285 if it does not go BELOW 1.0165

* Past performance is not a guarantee of future performance

Number of Lots:Required Margin:Risk Management (200%):Potential Profit/Loss 1.1285
1€ 3,333.33€ 6,666.67€ 1,209.33
5€ 16,666.67€ 33,333.33€ 6,046.65
10€ 33,333.33€ 66,666.67€ 12,093.30
25€ 83,333.33€ 166,666.67€ 30,233.25
50€ 166,666.67€ 333,333.33€ 60,466.50

US retail sales and ECB Minutes amongst market movers today – Danske Bank

“The meeting did not reveal new policy signals, but the potential for governing council members viewing the economic outlook more positively is worth keeping an eye on. For the longer term, we will look for clues about the strategic review.”

According to Trading Central (3rd party RIA) the EURJPY could be heading UP to 125.56 if it does not go BELOW 120.51

* Past performance is not a guarantee of future performance

Number of Lots:Required Margin:Risk Management (200%):Potential Profit/Loss 125.56
1€ 3,333.33€ 6,666.67€ 2,640.60
5€ 16,666.67€ 33,333.33€ 13,203.00
10€ 33,333.33€ 66,666.67€ 26,406.00
25€ 83,333.33€ 166,666.67€ 66,015.00
50€ 166,666.67€ 333,333.33€ 132,030.00

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