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Capital One was the latest company to issue new restrictions on getting into airport lounges.

China’s dominance in rare earth minerals is a huge sticking point ahead of the second round of trade talks.

• Prior was +96.1B
• USD denominated exports +6.0% y/y vs +5.0% exp
• USD denominated imports -4.9% y/y s -0.9% exp
• Yuan-denominated exports +6.3%
• Yuan-denominated imports -2.1%
• Trade surplus with US at $18.01B vs +$20.46 in April

The trade war curbed imports but not in some kind of game-changing way, which is somewhat surprising. It may highlight that it’s going to be very difficult to reshape global trade.

This article was written by Adam Button at www.forexlive.com.

The Hong Kong Hang Sent is trading up 1.4% today in a strong response to positive indications this week on US-China trade. Optimism is as high as it’s been since Trump’s election as top trade deputies will meet in London starting on Monday. There are indications that talks will go all week and Trump himself is optimistic.

“The meeting should go very well,” Trump wrote Friday.

US equities rose Friday on that sentiment and now China is playing catch-up. The Hand Seng is now trading at the best levels since March.

There isn’t much standing in the way of the March highs now.

This article was written by Adam Button at www.forexlive.com.

The Australian Dollar (AUD) edges higher against the US Dollar on Monday, recovering its losses from the previous session. The AUD/USD pair remains stronger following the release of China’s key economic data.

The FX market is beginning to take shape this week and the defining move so far is selling the US dollar. We have seen that before on worsening trade but I don’t see how that’s the case as Trump has been touting a US-China deal lately.

USD/JPY is down 40 pips to 144.45 and that’s wiped out about half of last week’s gain. The dollar is also solidly lower against the pound, euro and Australian dollar.

Now that could just be some give-back after the strong moves on Friday after non-farm payrolls. It’s a report that tends to get overdone and at this point doesn’t really tell us what the Fed will do, particularly since several of the metrics in the household data weakened. Another possibility is that there is some angst building about the worsening riots in Los Angeles. Those are related to immigration raids but we could some see an overwhelming US government response that fans the flames.

“This moment calls for decisive leadership. The president will not tolerate rioting and violence,” wrote JD Vance on twitter in the last half-hour.

The President is repeatedly calling them ‘insurrectionists’ and he’s ordered some US troops to be on standby.

I tend to think that these things blow over but you never know. So long as it remains contained in L.A. I don’t see problem but if we see other protests, then it could legitimately weigh on the US dollar. Also notable is that a series of Waymo cars was lit on fire and I think self-driving cars will increasingly be the target of protesters.

This article was written by Adam Button at www.forexlive.com.

The NZD/USD pair attracts some buyers to around 0.6035 during the Asian trading hours on Monday. The New Zealand Dollar (NZD) strengthens against the Greenback after the Chinese inflation data. Traders will closely monitor trade talks between the US and China later on Monday.

The NZD/USD pair attracts some buyers to around 0.6035 during the Asian trading hours on Monday. The New Zealand Dollar (NZD) strengthens against the Greenback after the Chinese inflation data. Traders will closely monitor trade talks between the US and China later on Monday.

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