The dollar fell to five-month lows on Friday as the pound strengthened due to the general election result.
Despite this, the US and China announced that they have reached a phase one trade deal, which includes tariff relief, increased agricultural purchases and structural change to intellectual property and technology issues. President Trump also said that the US would scrap planned tariffs on the 15th of December. China also suspended additional retaliatory tariffs.
Whilst Trump said on Twitter that phase two talks would start ‘immediately’, China said that they will only begin after phase one is implemented.
Following the Federal Reserve’s decision on interest rates last week, several Fed officials are due to speak this week. Updates on US industrial production, housing, consumer sentiment, personal income and spending are all due this week.
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