US & India Agree on "Promptly" Finishing Trade Negotiations

Ibeth Rivero
Ibeth Rivero
on February 26, 2020 | Updated On Feb 26, 2020
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Trade dealThe White House recently stated that the US President Donald Trump and his Indian counterpart Narendra Modi have agreed on "promptly" finishing the current trade negotiations, which would end up with signing phase 1 of a bilateral trade agreement.

"They agreed to promptly conclude the ongoing negotiations, which they hope can become phase one of a comprehensive bilateral trade agreement that reflects the true ambition and full potential of the bilateral commercial relations," stated the White House.

This comment came right after Trump criticized the Indians for imposing high tariffs on American products.

“India is probably the highest tariff nation in the world,” said Trump, adding that he expects the trade deal with India to be reached by the end of this year and if it doesn't happen they are doing something else.

Trump wants the United States to be treated fairly by India, and get access to the Indian market.

By 10:45 GMT the US dollar went down against the Indian Rupee by 0.23 percent, falling to the 71.646 level.

ECB Policymakers Discussing Changing the Inflation Target

The head of the Austrian Central Bank and member of the ECB governing council, Robert Holzmann said on Wednesday that the ECB policymakers have been discussing the possibility of changing the inflation target.

"Is our monetary policy target - (inflation of) just under 2% - where it should be? Should it be less, should it be more? Should it be symmetrical? Should it be asymmetrical? ... We had heated discussions about that last week in the (Governing) Council," explained Holzmann during an investment conference, adding that most likely it will remain unchanged.

The current ECB inflation target stands at “below but close to 2%” and many suggest it will be changed for a band or the bank will just set it at 2 percent. Holzmann said that he prefers a 1.5 percent target.

By 11:00 GMT the Euro went up by 0.06 percent against the US dollar, at 1.0885.

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About the Author
Ibeth Rivero

Ibeth contributes daily market commentary in both English and Spanish (both of which she speaks fluently) and she also manages the DailyForex mobile app to ensure that traders around the world are getting important market updates in real time.

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