U.S. President Donald Trump said on Thursday he may hold up a trade agreement reached this week with South Korea until after a deal is reached with North Korea on denuclearization. Trump agreed this month to accept an invitation to meet with North Korean leader Kim Jong Un. South Korean, officials have said the meeting would take place by the end of May, after a North-South summit in April.
The US Dollar remained steady during Asian trading session, though analysts caution that, ahead of a new quarter which begins next week, the greenback will likely have run out of steam. EUR/USD was trading at 1.2301 ranging from 1.22901 to a peak of 1.23089. The GBP/USD was trading lower at 1.4016 and moving a few pips off the session low of 1.4013. The USD/JPY was trading at 106.302 ranging from a session lows of 106.232 to a peak of 106.537.
Good Friday today, and due to the Easter Holiday, the forex market economic calendar is very light. Volatility expected and price action should be low to moderate. Liquidity is significantly reduced, so caution is required. Most major financial markets are closed for the Good Friday holiday, and many, with the key exception of the United States, will remain closed on Monday for the Easter Monday holiday. Over the weekend, the only major data release will be PMI reports from China which will be released tomorrow. Then, on Sunday, Tankan surveys for Japan’s first quarter will be released for the large manufacturing and non-manufacturing sectors.