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Trump: We achieved a total reset with China
Comments from Trump in today's press conference
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Trump set to speak on pharma
Talk might turn to tariffs and China
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Gold is being put to the test today
So far the May 1 low has held
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EUR tumbles 1.5% on the day – Scotiabank
The Euro (EUR) is weak, down 1.5% vs. the US Dollar (USD) and seeing its largest one day decline since early November, around the time of the US election, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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CAD is down ‘only’ 0.3% vs. USD and a relative outperformer – Scotiabank
The Canadian Dollar (CAD) is weak, down 0.3% vs. the US Dollar (USD) but a relative outperformer against all of the G10 currencies with the CAD’s peer currencies showing much greater declines in response to the US/China trade détente, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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USD surges on US/China détente as markets reprice Fed cuts – Scotiabank
The US Dollar (USD) is up broadly with meaningful gains against all of the G10 currencies as markets respond to the de-escalation in trade tensions between the US and China.
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USD/JPY 12-month forecast remains at 140.00 despite surge from US-China trade deal – Rabobank
News that the US and China have reached an agreement that substantially lowers trade tariffs between them for 90 days has sparked a wave of optimism that has supported risky assets and weighed on safe havens.
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US-China breakthrough leads to a breakout
Huge moves greet Monday markets as the US and China reverse tariffs
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Gold drops as US-China tariff reduction weighs on safe-haven demand
Gold prices are under significant pressure in Monday’s session, weighed down by improving global risk sentiment and a strengthening US Dollar (USD).
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ForexLive European FX news wrap: US, China strike deal to lower tariffs after talks
Forex news from the European morning session on May 12, 2025
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Mexican Peso dips as firm US outlook and rate divergence lift the Dollar
The Mexican Peso is trading lower against the US Dollar on Monday, as renewed US growth optimism and ongoing policy divergence continue to weigh on emerging market currencies.
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Bessent: I could see a Trump-Xi call happening in the coming weeks, months
Further remarks by US Treasury secretary, Scott Bessent
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GBP: The strongest story in G10? – ING
This will be a busy week in the UK data calendar, ING's commodity experts Ewa Manthey and Warren Patterson note.
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Bessent: It is implausible that tariffs on China go below 10%
Bessent adds that the ceiling for China tariffs will be the 2 April level i.e. 54%
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USD/CNH struggles below 50-DMA resistance near 7.28 – Société Générale
USD/CNH remains under pressure after failing to reclaim the 50-DMA, with downside risks intensifying should the 7.18 support give way, Société Générale's FX analysts note.
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How is the China camp painting the trade deal situation back home?
It's mostly positive but like any war, there has to be a winner and a loser in some sense
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EUR/GBP extends losing streak on sluggish US-EU trade talks
The EUR/GBP pair extends its losing streak for the sixth trading day on Monday. The pair slides to near 0.8415 during European trading hours as the Euro (EUR) weakens after the announcement of a 90-day tariff pause by the United States (US) and China earlier in the day.
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US Dollar sees over 1% intraday gain on US-China deal
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, exceeds a more than 1% rally on Monday after China and the United States (US) agreed to a 90-day pause in their trade war by slashing tariffs on both sides.
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Copper jumps on trade optimism – ING
Copper and other industrial metals rose this morning, with easing trade tensions giving metals markets a boost. At a briefing following the talks, US Treasury Secretary Scott Bessent said neither nation wanted their economies to decouple.
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USD: DXY support Ssen near 100.0 ahead of key US inflation data – ING
US President Donald Trump described this weekend's US-China meetings in Switzerland as 'very good' and said a 'total reset' is being negotiated. Treasury Secretary Scott Bessent led the negotiations and said 'substantial progress' has been made.
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Bessent: We want a decoupling with China for strategic necessities
Bessent comments to CNBC in an interview
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How have interest rates expectations changed after the US-China news?
The hawkish repricing across the board continues...
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US Nat Gas opens lower on storage surplus – ING
US natural gas prices fell early Thursday as rising inventories outweighed modest weather-driven demand expectations, with the supply surplus building faster than anticipated, ING's commodity experts Ewa Manthey and Warren Patterson note.
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US-China deal reportedly does not cover de minimis exemption for e-commerce shipments
Reuters reports, citing a source brief on the talks
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More from BoE's Greene: Disinflation process in underway
Further remarks from BoE's policymaker, Megan Greene
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Equities, dollar hold gains ahead of US trading
No let up in the optimism in European trading thus far
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USD/JPY rallies above 148.00 as USD soars on US-China trade truce
The USD/JPY pair soars above 148.20 during European trading hours on Monday, the highest level seen in a month. The asset strengthens as the United States (US) and China have agreed to a 90-day truce after a two-day meeting in Switzerland over the weekend.
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Trump: Drug prices to be cut by 59%, plus!
Trump posting on his Truth Social
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EUR/USD dives deep as US and China lower tariffs substantially
EUR/USD is down over 1% near 1.1100 during North American trading hours on Monday.
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Oil gains on easing trade tensions – ING
NYMEX WTI is trading above $63/bbl, while ICE Brent was seen approaching $66/bbl on US-China trade talk optimism.
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EUR/USD pulls back from 1.1570 resistance – Société Générale
EUR/USD is under pressure as technical momentum fades, with the pair testing key trend support and downside risks building below the 50-day moving average near 1.1070, Société Générale's FX analysts note.
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EURUSD broke through the key support and it's now eyeing the 1.09 handle
The positive news on the trade front are leading to a hawkish repricing in interest rates expectations and that's keeping the US Dollar supported in the short-term
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EUR: Still quite overvalued – ING
EUR/USD briefly printed below the 1.120 support in early trading. Should Bessent feed markets with convincing headlines on US-China talks today, a decisive break lower looks on the cards, ING's FX analyst Francesco Pesole notes
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Gold unable to recover from earlier drop after US-China agree to major tariff cut
Gold (XAU/USD) sinks more than 3.0% at the start of the European trading session and heads towards $3,231 at the time of writing as after US and China have brought some low-hanging fruit for the equity markets.
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Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Monday, according to FXStreet data.
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Silver Price Forecast: XAG/USD faces rejection near descending channel hurdle, around $33.00
Silver (XAG/USD) attracts heavy intraday selling in the vicinity of the $33.00 round figure and dives to over a one-week trough during the first half of the European session on Monday.
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GBP/JPY extends rally to near 195.00 as safe-haven demand for Japanese Yen diminishes
GBP/JPY is extending its upward momentum for the fourth consecutive session, trading around 194.90 during European hours on Monday.
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Trump wants lower interest rates but his strategy is likely to lead to higher rates
Trump's team thought that reducing deficit would bring long term interest rates down, but in the short-term it will likely send them higher
market overview
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Pound Sterling slumps against US Dollar as US and China slashes tariffs by 115%
The Pound Sterling (GBP) recovers some of its intraday losses after sliding to near 1.3140 against the US Dollar (USD) during North American trading hours on Monday. Still, the GBP/USD pair is down 0.8% at around 1.3200.
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USD/CAD advances to near 1.4000 following a 115% reciprocal reduction in US-China tariffs
USD/CAD continues its upward momentum for the fourth consecutive session, trading around 1.3980 during European hours on Monday. The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, is also on the rise, hovering near 101.60 at the time of writing.
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