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This Sunday the President of the United States Donald Trump posted a tweet saying that he would be delaying an increase of US taxes over Chinese goods, which were previously set for the first of March.
This suggests that the ongoing negotiations between the two biggest economies in the world are going on well and a certain level of agreement could have been reached between the US and China. As a result, the Dow Jones Industrial Average extended its gains above last week's high by reaching 26160.
The Chinese Yuan tried to extend its gains against the greenback but found resistance just below the critical level of 0.1500, which could potentially break the currency pair's bullish channel.
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....productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for U.S. & China!
— Donald J. Trump (@realDonaldTrump) February 24, 2019
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