Janet Yellen weighs visit to china, her first as US Treasury Secretary – Bloomberg

Anil Panchal FXStreet

Early Thursday morning in Asia, Bloomberg quotes anonymous sources while saying, “Janet Yellen is weighing a trip to China in the coming months that would be her first as US Treasury secretary.”

The news cites the reason as the Biden administration engages in a broad review of policy toward the Asian power and the tariffs on imported goods enacted under former President Donald Trump.

Additional comments (from Bloomberg)

The Treasury Department’s discussions on a possible Yellen visit are in the early stages and no decision has been made, with considerations including travel risks stemming from the delta variant of the coronavirus.

If the trip goes ahead, she would likely meet with Vice Premier Liu He -- regarded as China’s top economic official -- and would be the highest-ranking Biden appointee to visit the country.

The goals of a potential trip for Yellen to China would include discussing common ground between the nations, such as climate change efforts, and also more difficult ones, such as trade, according to one of the people familiar with the matter.

Market reaction

Global markets remain directionless following the news, amid a light calendar day. That said, AUD/USD stays sidelined below 0.7400 by the press time.

Read: AUD/USD edges higher on the way to 0.7400 amid mixed concerns

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold buyers stay hopeful amid Middle East war, China growth woes

Gold is building on the previous rebound in Thursday’s Asian trades, testing offers once again at the $5,200 threshold. Deeper escalation of the Middle East war and dovish US Federal Reserve monetary policy outlook continue to support Gold.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Bittensor extends recovery despite retail demand slump

Bittensor, a leading Artificial Intelligence token, is aging up above $190 at the time of writing on Wednesday. Steady price increases characterise the broader crypto market, with Bitcoin holding above $71,000 and Ethereum above $2,000.