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The US dollar rose slightly against a number of world currencies amid a decline in demand for risky assets before the meeting between the US president and the leader of the DPRK. However, the results of the meeting were able to please investors, which gradually revived the demand for the euro, the British pound and commodity currencies.
As it became known today, US President Donald Trump and North Korean leader Kim Jong-un signed a document following the summit in Singapore. Kim Jong-un said that the world will witness a big change, and expressed gratitude to President Trump for the meeting.
Donald Trump, in turn, announced that Kim and he will address a very big and very dangerous world problem.
The document, signed by Trump and Kim Jong-no, denotes four points for US-North Korean relations. First of all, the emphasis is on the fact that the US and North Korea undertake to build a long and stable peace regime on the Korean peninsula, and the DPRK will begin to take steps towards full denuclearization on the Korean peninsula.
The demand for the euro will also remain on the back of expectations that the European Central Bank will signal on Thursday the transition to a tighter monetary policy. First of all, we are talking about the completion of the asset redemption program. At the beginning of this year it was expected that the regulator could announce its completion in September of this year.
Today, it is necessary to pay attention to the inflation data in the US, which could significantly affect the Fed tomorrow's decision on interest rates. A number of experts predict that the US regulator will adhere to a softer monetary policy in the short term.
The tension associated with trade relations between the US, Canada and the European Union, is holding back the demand for risky assets. Yesterday US Secretary of State Mike Pompeo tried to smooth out the situation that formed after President Donald Trump backtracked from the other six leaders of the Group of Seven in Canada amid tensions over US trade demands. Pompeo said that the US will not allow a split in relations with their trade allies.
As for the technical picture of the EURUSD pair, most likely the pressure on the euro will remain in the coming days before the final ECB meeting, which is scheduled for this Thursday. Buying the euro is best after a decline from the larger support levels of 1.1690 and 1.1650. As for the selling of the European currency, we should closely observe the behavior of the pair in the area of resistances 1.1780 and 1.1840 near the highs of the month.
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