Finance ministers from six of the world’s largest economies in a rare step expressed “disappointment” over President Donald Trump’s unilateral decision to slap tariffs on steel and aluminum on its allies.
Top officials from the Group of Seven — Canada, France, Germany, Italy, Japan and the United Kingdom — asked US Treasury Secretary Steven Mnuchin to convey their “unanimous concern and disappointment” to the US president, suggesting his recent trade actions could incite uncertainty, dampening the goal of economic growth. Read more @ http://money.cnn.com/2018/06/02/news/economy/us-mnuchin-g7-trade-talks/index.html
Here’s what’s next for Nafta, Mexico’s peso and Canada’s dollar
Mexico, Canada and the U.S. were expected to reach a deal in principle on the renegotiation of the North American Free Trade Agreement in May. Now that it’s June and a deal is nowhere to be seen, analysts wonder what’s next for these trade partners and their currencies.
What’s more, political uncertainty may hang up the trade talks even more. Between the November mid-terms in the U.S. and Mexico’s presidential election, there was a lot of uncertainty about the climate Nafta 2.0 would be born into.
Talks to rejig Nafta began in August last year, first in an attempt to wrap up a better version of the trade pact by December, a target that also came and went. Read more @ https://www.marketwatch.com/story/heres-whats-next-for-nafta-mexicos-peso-and-canadas-dollar-2018-06-02?siteid=rss&rss=1
WHAT IS THE USD INDEX SAYING?
USD should take a breather this week with a good pullback before the 14th June FOMC. Market remains fragile with trade war in-tact. Be cautious and always put Money Management as your number 1 priority.
MONDAY NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 7.50am – Japan will release the Monetary base is expected to be weak.
- 9.00am – Australia will release their Retail Sales and Inflation gauge and is expected to be good.
- 3.00pm – Spain will release their unemployment and is is expected to be good and we now BUY EURO.
- 4.30pm – Sentix Investor Confidence – expected to be good.
- 10.00pm – US will release factory orders and is expected to be good. USD will stablise at 93.50.
The market will be cautious tomorrow with USD FOCUS.
High Risk Investment Warning:
Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.