US FX Handover: China Has “No Trust in Mild Signals” from US on Trade
- Economic Advisor Kudlow stated that “we’d like to go back to where we were a month ago” on US-China trade talks, though Chinese state media said that China has “no trust in the mild signals” that the US has sent so far.
- US PPI came in at +0.1% m/m (+1.8% y/y), a tick below expectations. Tomorrow’s US CPI report will be a key release in setting expectations for whether the Fed may cut interest rates either next week or at its July meeting.
- The pound was the strongest major currency today; the New Zealand dollar was the weakest.
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