Trade negotiations continue to dominate global markets, adding some downward pressure to the US Dollar. The EUR is headed back towards 1.1700, with an EU team negotiating hard in Washington, to secure a trade deal before the hard August 1st deadline. The GBP also gained some ground, moving up to 1.3470, on the back of the weaker reserve. The Fed remains under attack from the Trump administration, with Treasury Secretary Bessant, questioning the organisations independence and functionality.The weaker reserve allowed commodity currencies to stabilise, but with no great conviction, as trade deals remain elusive. The AUD held 0.6500, while the NZD remains below 0.6000, and remains under downward pressure. NZ Trade data will be released this morning, and markets will also be interested in the release of the last RBA minutes.
