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USDCNH and EURUSD May Feel the Impact of Phase One More than the Dow

Dow, USDCNH and EURUSD Talking Points:

• US and Chinese leaders finally signed the long-paraded Phase One trade deal with vows of large purchases but no IP or tariff easing
• There was a tempered Dow response to the anticipated event – and terms – but unexpected retreat from the EEM, carry and commodities
• USDCNH may stand to draw more from this development than US indices, while even the French President is concerned the EU may be next

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