Stocks and high-beta currencies initially catch a slight bid after Lighthizer’s optimistic trade comments

High-beta currencies and US stocks came off early session lows after US Trade Representative Lighthizer said he expects the Trump-Xi meeting to be a success.  The FX market has been very quiet ahead of the G-20 and tight ranges have been firmly being in place.  The Australian dollar rebounded from the session lows and recaptured the 0.7300 handle against the US dollar following Lighthizer’s comments.  The bounce however was short-lived and tight range trading persists.

The Dow and S&P 500 opened down 0.3%, while the Nasdaq started down only 0.1%.  The tech sector benefited from strong earnings from HP Inc. WorkDay, and VMware.  Technology stocks have had 3 consecutive down months and will likely strongly react to the outcome at the G20.  If the trade war worsens, the tech sell-off could resume.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.