News

United States (US) Treasury Secretary Scott Bessent said on Wednesday that China was planning to erect new trade barriers and added that they don’t want to escalate, per Reuters.

Yesterday, Federal Reserve Chair Powell spoke at the National Association for Business Economics annual meeting. He stated that the economic outlook appeared unchanged since the FOMC last met in September.

Treasury Secretary Scott Bessent insisted that the U.S. won’t change its negotiating stance on China due to stock market volatility.

The Pound Sterling (GBP) extends Tuesday’s recovery move to near 1.3370 against the US Dollar (USD) during the European trading session on Wednesday.

Wall Street-centric banks like Morgan Stanley and peer Goldman Sachs are in an ideal moneymaking environment.

The Japanese Yen (JPY) is up 0.3% against the US Dollar (USD) and a relative performer among the G10, extending Friday’s bullish outside reversal with an impressive recovery from its 8 month lows, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

The US-Canada trade talks have gone a bit quiet since last week’s meeting between Carney and Trump but Canadian officials said they were continuing to work on a deal that was focused on steel, aluminum and maybe more.

The comment from Bessent confirms that talks haven’t broken down.

He also confirmed that the Fed chairman search has been narrowed to 5 candidates. He said that will be narrowed to 2-3 people in December. A report last week said the 5 candidates were:

• Michelle Bowman
• Christopher Waller
• Kevin Hassett
• Kevin Warsh
• Rick Rieder

This article was written by Adam Button at investinglive.com.

The Pound Sterling (GBP) is up 0.2% against the US Dollar (USD) and a mid-performer among the G10, its gains reflecting a weaker USD rather than any improvement in the UK’s domestic situation, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

The Euro (EUR) is up a modest 0.2% against the US Dollar (USD) but lagging most of the G10 currencies in an environment of broad-based USD weakness, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

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