Very little has changed in the trade dispute. Yesterday we saw a risk rally, born out of the announcement that low level officials between the US and China are set to meet again at the end of August. If this sounds tenuous, it is probably because it is, and probably hence why the recovery has stalled this morning and markets are consolidating. Yesterday’s rebound is probably more of a testament to lower levels of liquidity in the summer trading period than a decisive move to recover. Admittedly, the recovery in the Turkish lira continues and this is helping to play into the near term rebound, but the move still seems ... (full story)