The dollar and riskier trade-exposed currencies found some support on Friday as fresh hopes for a breakthrough in Sino-U.S. trade talks were tempered with caution.
Markets are in a more cheerful mood, with risk trades buoyed by Kudlow comments, on hopes about a trade deal. Bond yields are higher on the session and is helping to keep Gold and Yen lower.
The British pound is still holding onto its weekly gains against the US dollar, with the pair currently creating bullish higher highs. Euro is trading above 1.10 levels against the dollar, but it remains under pressure.
Eurozone trade balance and Eurozone October CPI final are the main features in European session. Later in the day, US retail sales, Empire state manufacturing index, import price, industrial production and business inventories will be released.
Crude oil prices also saw gains based on this renewed trade optimism, but that wasn’t all that supported the market. The next major meeting of the Organisation of Petroleum Exporting Countries is coming up next month at its headquarters in Vienna.
Gold prices fell on Friday with risk appetite stoked by hopes that US-China trade talks can make progress. However, it is highly possible that ongoing political unrest in Hong Kong is maintaining gold’s haven bid even as the market’s focus is ostensibly elsewhere.