OANDA Senior Market Analyst Alfonso Esparza reviews the major upcoming market news, macro analysis and economic indicator releases that will impact currencies, stocks other asset classes.
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Dollar Mixed as Trade War Risks Escalate
The US dollar is higher against major pairs. Safe havens like the Swiss franc, Japanese yen and the euro are lower against the greenback, while the Canadian, Austarlian and New Zealand dollars along with the pound continue. Strong data in Europe boosted the single currency on Friday but the rally was short lived after the Trump administration announced a review of US-EU trade that could result in a 20 percent tariff on European car imports. Tensions are high with China this week after Chinese leaders vowed to retaliate against proposed tariffs.
Oil prices surged after the Organization of the Petroleum Exporting Countries (OPEC) and other major producers agreed to increase supply at the end of their collective meeting in Vienna. The lower than expectec increase, combined with the news that the US State Department urged allied to halt import of Iranian crude.
The Canadian dollar became the worst performer against the US dollar as inflation and retail sales disappointed on Friday and with little data to guide in the beginning of the week the loonie is trading at 1.3311 versus the dollar.
– US consumer confidence forecasted to slow down
– BOE Carney to announce bank stress test results
– BOC to publish its quarterly business outlook survey
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