The Canadian dollar remains in a holding pattern as the nation goes to the polls on Election Day. Various aspects of the government are in contact with China, according to Bessent. There is an expectation for China to de-escalate on tariffs, as many important trading partners have made ‘very good proposals’ to avert U.S. tariffs. Negotiations with Asian trading partners are reportedly going well. Bessent also noted that Chinese exemptions indicate their desire for trade de-escalation, and movements by Apple may be tied to China. When asked if he planned to call his counterpart in China, Bessent replied, “Maybe they’ll call me one day.”
— new from Forex Factory