FXStreet reports that Rabobank's analysts point out that European trade commissioner Phil Hogan has concluded his visit to the US and in his words, his visit has laid the groundwork for improving transatlantic cooperation.

“The joint proposal to reform the WTO has been the major achievement, but much more work needs to be done, especially on trade-related issues.”

“Now that the phase one deal between the US and China has been signed, the US will shift focus to the EU.”

“Frustrations have been increasing on both sides of the Atlantic. The EU has made little progress on US requests related to defense spending, China policy and trade policy.”