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Today's News Headlines
- With trade negotiations seemingly moving smoothly with Canada, Donald Trump has got Japan in his sights as his next target.
Market Recap
The market eagerly awaited the US NFP data on Friday, you may want to focus on revisions and that unemployment was at 3.9% – but the truth in the matter is that the wages came in better than expected. This will spark some anticipation around higher inflation and was the catalyst for a stronger dollar on Friday, there will also start to be expectations of 2 more hikes this year.
Donald Trump also raised the $200B of tariffs on China to $267B, this brings the total to approximately $500B – this is the total value of Chinese exports to the US. I will be keeping an eye on this development as this has the ability to filter into both the AUD and NZD.
The EURUSD was also pressured lower on Friday, the week was a bumpy one but the pair traded to around 1.1529 – from the 1.1650 high earlier in the week. Price did trade below the 100 hour MA at 1.1605 and below the week’s bottom range of 1.1590, the pair found resistance at the midpoint of the range and in my eyes this is bearish.
I continue to focus my attention on the indices for some nice intraday moves.
Important Economic Data Due Today
10:30 GBP GDP
Consensus: 0.2%
Effect: Higher than expected is good for the GBP
10:30 GBP Manufacturing Production
Consensus: 0.2%
Effect: Higher than expected is good for the GBP
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