Overnight US equities closed slightly lower as the S&P 500 hit its 3,453rd day without a major correction. It’s now the longest bull market in history. US and Chinese officials began further trade talks in Washington. This Thursday, the latest $16 billion worth of tariffs on Chinese imports will go into effect, expectations for the meetings are low, since they are taking place between lower-level officials
On the data front yesterday saw the release of US released July Existing Home Sales figures, which by the way, disappointed by falling 0.7% vs. an expected advance of 0.6%. Federal Open Market Committee (FOMC) minutes hinted a September rate hike, but added a dovish note, as concerns over how trade disputes could disrupt growth have increased.
From a technical perspective, the EUR/USD pair extended its rally overnight reaching a high of 1.1622. The USD/JPY pair also traded higher reaching an overnight high of 110.61. The Pound Sterling advanced to a fresh weekly high of 1.2935.