No details on US-China trade talks but both US and China officials are upbeat

The US dollar is higher against both yen and euro in early FX trading (its VERY early, just after 5.20am in Tokyo and 4.20 in Singapore and Hong Kong).

The US and China met in talks over the weekend in Switzerland.

Nothing of substance has been announced by either side.

They’ve said they’ll have announcements on Monday. Monday Asia time? That’d be nice but I suspect it’ll Monday in Europe/US time though.

What we have got in the way of official comments:

China side:

• a mechanism for further talks has been agreed (agreed to establish a ‘China-US trade consultation mechanism’ )
• the joint statement to come will be “good news for the world.”

US side:

• Bessent said there had been “substantial progress”
• Greer said that “perhaps the differences were not so large as maybe thought”

The White House issued a gushing statement:

Be sceptical of this, the comments from officials indicate not trade deal was actually reached.

This article was written by Eamonn Sheridan at www.forexlive.com.