Mnuchin describing US-China trade talks, now done for the day, as constructive, confirmed by China's Liu He saying they went fairly well. This helped equities (and the USD) off the lows. That Fed talk tended to downplay downside inflation concerns after the soft CPI may also have provided the USD some support. Still, there are few details on any trade progress, and Trump's tweets earlier today give little basis for optimism, claiming tariffs bring far more wealth to the US than even a phenomenal deal of the traditional kind. The tone may sour if the weekend delivers no significant progress.
FX May 10, 2019 / 05:25 pm UTC
EUR/USD, USD/JPY Flows: Some Reassurance From Mnuchin and Liu He, None Yet From Trump
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