Trump said earlier that China would receive additional import duties if Xi did not appear at the summit.
Over the month, the Dow and S & P rose 6.7% and 6.2%, respectively. The Nasdaq is on the right track for a jump of 7.1% this month. At this time, June is the best month for stocks since January.
Early in the day, European and Asian stocks had started to rise after the president of the European Central Bank, Mario Draghi, hinted that there could be further monetary easing euro zone to boost the economy. US stocks saw a stronger opening than reaction.
On the other hand, it is the euro. They are not taking the news so well and have fallen by 0.1%. They buy 1.1200 USD. Currencies tend to appreciate in an environment of higher interest rates. This has been one of the main drivers of the strength of the US dollar over the past year.
"This week is supposed to be all about the Fed, but before Chairman Powell has the opportunity to deliver a moderate message on Wednesday evening, ECB President Draghi has moved the markets by signaling that the eurozone will soon see one Could be a new dose of monetary stimulus, "said Jane Foley, senior FX strategist at Rabobank, in a note.
The Federal Reserve will begin its two-day meeting today before culminating tomorrow in the monetary policy update and press conference. With July expecting an interest rate cut from 86% to 88% in July, CME FedWatch says investors will be watching the language of Fed President Jerome Powell when talking about the future political strategy.
Market participants expect him to be careful with his wording, but the word "patient" he introduced earlier this year to describe the central bank's approach to future policy decisions will disappear.