Safe-haven assets have been battered across the board, following the trade truce with China. See previous article for full details.
Heading into this G20 summit there was such nervous anticipation, which was initially supporting flows into the likes of; Gold, CHF and JPY.
However the outcome of the meeting went much further than most had expected, with Trump putting the next tranche of tariffs on hold and reopening US companies’ ability to supply Huawei
Global stocks are seen generally higher across the board, with investors piling back into the riskier products and dumping safe haven assets.
Upside was seen for the greenback, with DXY Index jumping to its highest level seen in six sessions, current high of day 96.61.
Given the safe-haven dumping, Gold has taken a beating and with greater downside to potentially come. The price recently smashing through support around $1405-1400 range.
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Trump and Kim Jong-un Peace
Donald Trump and met with Kim Jong-un at the Korean peninsula’s demilitarised zone after he became the first American president to step onto North Korean soil.
The meeting was organised yesterday, both leaders confirmed, after Trump tweeted Kim Jong-un suggesting they meet and “say Hello(?)!” while Trump was in the region for the G20 summit in Osaka.
Trump said the meeting was “very historic”.
He further noted all went very well and has even invited Kim Jong-un to visit the US.
The meeting developments is also something which has no doubt played a part on current market themes.
Tensions were previously high between the two, where worries of war was previously driving gold higher. There was much missile testing and war exercises, as both in the past were flexing their muscles in intimidation tactics.
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