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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Trade Uncertainty Hits Dollar Confidence
The US dollar fell against major pairs on Friday despite a strong June NFP report.
The impending start of tariffs against Chinese goods and the retaliation from the Asian nation on US exports put downward pressure on the dollar.
The US economy added 213,000 jobs and wages rose 0.2 percent but it is the threat of trade war escalation that put pressure on the US currency.
The Canadian dollar advanced against its southern neighbour ahead of the Bank of Canada (BoC) rate statement on Wednesday. The BoC could hike rates to keep up with American interest rates.
The weekend brought a major showdown in England as Theresa May presented a soft Brexit strategy to her party that prompted some of the more hardline Brexiteers to quit, jeopardizing May’s position as leader of the party.
– UK Manufacturing expected to bounce back
– Bank of Canada (BoC) to hike interest rate to 1.50%
– US inflation to keep rising at 0.2% m/m