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President Trump took a soft-wood lumber stick and whacked the Loonie upside the head. The US is imposing a 20% counter-vailing duty on Canadian softwood lumber imports. And the Canadian Dairy industry is in the cross-hairs.
For President Trump, the Canadian Softwood lumber and Dairy industries are easy wins for the man promoting” Fair Trade, not Free Trade. He can claim to be the border defending, job creating champion of the people and it has little impact on Americans. View article >
The Euro has surged in early Asian trading to five-month highs against the U.S. dollar as centrist Emmanuel Macron emerged winning the first round presidential election result.
The National Front’s Marine Le Pen was predicted to also reach the second round of voting.
The result was seen as positive for the Euro and EU as investors had been worried that a second-round contest between Le Pen and the far-left Jean-Luc Melenchon would have set up a possible exit of France from the European Union. View article >
FX markets were in full consolidation mode overnight
The majors were choppy but activity was confined to this week’s week-defined ranges. The Paris terrorist attack and uncertainty around the April 23, French election kept traders on the sidelines. The US dollar opened in New York with tiny gains against EUR, GBP, and NZD. It was almost unchanged against CAD and CHF while AUD and JPY inched higher. View article >
The US dollar opened in New York on the defensive. Regional economic data releases, French politics, and North Korea bluster, all played a role.
In Asia, better-than expected New Zealand inflation data (CPI Actual 2.2% vs forecast 2.0%, y/y) powered NZDUSD from 0.6998 to a peak of 0.7050 by the time Europe opened. That move was almost completely reversed by the New York open. View article >
The US dollar has put the brakes on this weeks decline and has opened in New York with gains across the G10 spectrum. Most of those gains were at the expense of the commodity currency bloc and the Japanese yen.
In Asia, Sterling failed to extend gains made after the British Prime Minister called a “snap” election. Instead GBPUSD traded sideways inside a 1.2809-1.2859 band. View article >
Described as a “game-changer” by Deutsche Bank, British prime minister Theresa May’s decision to call a snap general election was the big story of the day on Tuesday and has reignited sterling exchange rates.
For months Theresa May had played down the possibility of an election earlier than 2020. In the eyes of many of the ruling Conservative Party, there was little chance that the opposition Labour Party could dig themselves out of their current pit of disarray between now and then, and so the Conservatives could carry on as is – without interruptions to Brexit negotiations – and still expect a comfortable victory at that later date. View article >
The FX markets welcome China back from a two-day holiday on Wednesday, and markets will be hopeful that the Asian giant’s re-introduction, combined with a host of US data, will spark new life into what has been an uneventful start to the FX week.
Again yesterday, like the day before, some of the world’s most actively traded currencies stood still.
EUR/USD traded sideways yesterday and now has a combined two-day range of just 45 pips (0.43%). View article >
With the Pound Sterling post Brexit falling over 9% against the USD, 7% against the Euro and over 13% against the Japanese Yen, one of the few positives of these plunges has been for the Art & Wine markets.
As reported in the FT, the UK’s luxury purchase market is benefiting from the benefits of a weaker pound. View article >
The Forgotten Central Bank
Yesterday’s Bank of England meeting heralded little interest for sterling watchers although the accompanying minutes from the Monetary Policy Committee’s discussions did hint at further dovish pressures. View article >
Today’s Bank of England meeting will be the 82nd in a row in which rates have remained at 0.5%. There are good reasons why rates have remained low for that long and good reasons as well why the Monetary Policy Committee will continue to sit on their hands well into 2016. If the Bank of England meetings that have a Quarterly Inflation Report attached are known as ‘Super Thursdays’ then the ones without must, in my opinion, be renamed as ‘Snoozer Thursdays’. View article >