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The dollar weakened yesterday as reports on the progress of US-China trade talks cast doubts over whether a phase one deal will be reached. A report suggested that there is pessimism in Beijing due to President Trump’s reluctance to roll back tariffs on Chinese imports. This comes despite news over the weekend that a phone call between the two sides had been “constructive”.

An unscheduled meeting took place between President Trump and Federal Reserve Chair, Jerome Powell, at the White House yesterday. Trump has previously attacked Powell for his stance on interest rates. However, following the meeting Trump tweeted that the discussion had been “very good and cordial.” He said that they discussed “interest rates, negative interests, low inflation.” A statement from the Federal Reserve said that in the meeting, Powell was “consistent with his remarks at his congressional hearings last week.”

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