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Market Insight Commentary – Forex
Today's News Headlines
- China announced a 5% – 25% tariff on $60B of US imports, implementation is subject to action from the US.
Market Insight Commentary – Indices
Market Recap
The much anticipated NFP were a bit of damp squid if you ask me, they were pretty close to estimates although there was some downward revision on wage data. The initial reaction was for the dollar to weaken slightly before rebounding into the close. The tariff report out of China didn’t have much effect, it did send equities lower at first but you get the impression that the market is fairly confident that a trade war is not coming – this despite US and Chinese officials refusing to engage in discussions.
The USDCAD continued its solid performance and Canadian data impressed on Friday, there is still the NAFTA announcement hanging over its head though and I suspect that we may see a “buy the rumour, sell the fact” type scenario. I am still seeking opportunities to go long this pair.
The Northern Hemisphere summer is very much still in play with reduced liquidity across the board, I am still very much focusing my attention to the equity and commodity instruments this week again.
Important Economic Data Due Today
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