EUR/USD has fallen to just above 1.1400 on Wednesday, as the US dollar strengthened following headlines that US and Chinese representatives have reached a framework to reduce trade tariffs.
The deal must now be approved by US President Donald Trump and Chinese Premier Xi Jinping, and details are scant, leading to a lukewarm market reaction so far.
Investors greeted the news with skepticism, as it leaves tariffs in place, albeit at a lower level, and offers little assurance about their sustainability. The currency pair's reaction remained confined to the same range between 1.1375 and 1.1455 seen over the past two weeks.
US Commerce Secretary Howard Lutnick confirmed that the two countries had reached an agreement to implement the Geneva consensus, which was previously scrapped over US complaints about China's restrictions on rare earth trade.
Also, a US federal court said Trump's most sweeping tariffs will remain in place temporarily, at least until a judge rules out a lower court ruling that declared them illegal weeks ago.
On the economic calendar, the focus will be on US Consumer Price Index (CPI) data for May due later in the day, which is expected to show inflation picking up moderately and could rekindle concerns about stagnation.(alg)
Source: FXstreet
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