China’s progress on US trade deal slowed again in May – Bloomberg

Bloomberg’s latest update on the Sino-American phase one trade deal, published late Monday, sounds grim amid China’s failures to reach purchase targets of the US goods.

“China bought almost $10 billion worth of manufactured, agricultural and energy goods from the U.S. in May, the lowest monthly total since October 2020. That took total imports to almost $157 billion since January 2020, 41.4% of the targets the two nations agreed at that time,” the news said.

Details of Beijing’s trade with Washington suggest the record import of corn even as the ships carrying the crop stuck waiting for weeks off China’s coast before they could offload, per the news.

FX implications

The news adds to the market’s latest confusion over Monday’s risk-on mood, following mixed comments from the Fed policymakers, which in turn adds filters to the AUD/USD recovery.

Read: AUD/USD: Rebound from yearly low pauses around 0.7550 amid mixed Fedspeak