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East Vs West or Frenemies?

August 20, 2020 by Mario Soto

The showdown between 2 major economic powerhouses may be coming to an end with fresh talks of the phase one trade talk review. The markets have reacted positively to the news with the Aussie dollar halting it selloff and bouncing up from 0,7165 to a intraday high of 0.7271. The rally has been short lived as at the the time of writing it has retraced back to 0.7169. This likely due to traders reacting to the disappointing FOMC minutes like being hit in the stomach by Mike Tyson. Further fears that the Coronavirus situation in Melbourne may be worse than recorded as the Premier Daniel Andrews believes less people are being tested. This doesn’t help the Aussie, making for bullish upside seem artificial. Gold has struggled to bounce back from the correction also with the strengthening dollar and strong bond auctions weighing down on the yellow metal coincided with the US – China trade optimism, breaking past $2000 is a kite fly away in this trading week.

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