The EU agreed to a huge trade deal, with the USA, described as the biggest ever! This gives market certainty and was thus a positive but was widely panned as a terrible deal for the EU. The EU have accepted a massive increase in tariffs on all goods exported to the US, while the US receive free access to EU markets, with no tariffs. The deal also includes massive commitments to energy and military purchases, from the EU, while agreeing to massive increases in investment in the US economy. The EUR plummeted as the details were revealed, falling back below 1.1600, while the GBP tumbled to 1.3350.The rise in the reserve hit commodity currencies, with the AUD slumped to 0.6500, while the NZD once again surrendered 0.6000. China and the US resume trade talks in Stockholm, looking for an extension of their interim trade agreement, while an avalanche of global economic data flows. The Fed are expected to leave rates unchanged, but enormous pressure from the Trump administration, may see some cracks in their commitment.
