EUR/USD Gains on Optimism About US-China Trade Talks

EUR/USD rose today, extending its bounce, on reports that the United States and China will resume trade negotiations. While those will be low level exploratory talks, market participants were happy to see that the world’s two biggest economies want to find compromise and avoid trade wars. As for US macroeconomic data, it was mixed today.
Michigan Sentiment Index dropped to 95.3 in August from 97.9 in July according to the preliminary estimate. Analysts had predicted an increase to 98.1. (Event A on the chart.)
Leading indicators rose 0.6% in July. That was a faster rate of growth than 0.4% predicted by analysts and 0.5% registered in June. (Event A on the chart.)

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