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Market Insight Commentary – Forex
Today's News Headlines
- Trump signed tariffs on China, stating that this is the first of more to come – trade war is on. I think he could regret the day he started a trade war with China.
Market Insight Commentary – Indices
Market Recap
Yesterday saw dramatic moves in the equity markets as they went into free fall and the US equities are testing those long standing trend lines, I will be eagerly waiting on the close this week. It was once again about trade as Trump hit China with fresh tariffs, this spooked the equity markets as once again the possibility of a trade war surfaces. He really is coming after the “big dog” in China and I reiterate my stance that I don’t believe this is a war that Trump can win.
This of course meant that the big benefactor was the JPY as the correlation between the Yen and the equity markets remains firmly intact. The current levels are obvious lows and I would be watching the equity markets as a clue to as when we get a bounce.
We survived the week and as we start approaching another long weekend, we hope that Trump has his twitter account confiscated.
Important Economic Data Due Today
14:30 CAD CPI
Consensus: 0.4%
Effect: Actual higher than expected is good for the CAD
14:30 CAD Retail Sales
Consensus: 0.9%
Effect: Actual higher than expected is good for the CAD
14:30 USD Core Durable Goods
Consensus: 0.5%
Effect: Actual higher than expected is good for the USD
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