‘The war against success’ is over, Kudlow says in defending Trump tariffs – USD will go under pressure.
With President Donald Trump heading to the Group of Seven meeting later this week, his top economic adviser appeared to bash Trump’s predecessor by telling reporters that a number of wars are “over.” –
Larry Kudlow, the director of the National Economic Council, said at the White House that Trump will discuss trade at the meeting in Quebec, which is scheduled for Friday and Saturday. Kudlow also said Trump will have one-on-one meetings with Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron.
Trump is facing outrage from U.S. allies including Canada over the imposition of steel and aluminum tariffs. Kudlow downplayed tension with U.S. allies and instead sought to offer a business-friendly vision of the country as Trump prepares for the summit. Read More @ https://www.marketwatch.com/story/the-war-against-success-is-over-kudlow-says-in-defending-trump-tariffs-2018-06-06?siteid=rss&rss=1
Trump to stick with hard line on trade as G7 showdown looms
U.S. President Donald Trump is not backing down from the tough line he has taken on trade, the White House’s top economic adviser said on Wednesday, setting the stage for a showdown with top allies at this week’s G7 summit in Canada. The meeting on Friday and Saturday in Charlevoix, Quebec, will be the first chance G7 leaders have had to confront Trump in person since U.S. tariffs on steel and aluminum imports from Canada, Mexico and the European Union were imposed last week. That move unleashed fury in the Group of Seven (G7)industrialized nations and prompted quick retaliation from Canada and Mexico and a promise from the EU to do so as well, unnerving investors who fear a trade war that could derail the global economy. Canadian Prime Minister Justin Trudeau, the summit host, and British Prime Minister Theresa May, who will also attend, are among those to sharply criticize the U.S. tariffs as unjustified and punitive. READ MORE @ https://www.reuters.com/article/us-g7-summit/trump-to-stick-with-hard-line-on-trade-as-g7-showdown-looms-idUSKCN1J22CI?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
WHAT IS THE USD INDEX SAYING?
USD PUSHING A descending triangle and breaks 93.50 yesterday; possible for the USD to consolidate at 93.80 but downward pressure will continue till the G7 meeting and the 14th June FED & ECB rate decisions. The market will be cautious with Trump strong statement on trade deals.
TODAYS NEWS THAT MIGH AFFECT YOUR TECHNICAL TRADES TODAY.
- 9.30am – Trade Balance – AUD is expected to take a pullback if the trade balance falls.
- 2.00pm – Germany will release their Factory orders and is expected to be good. We maintain our buys for EURO moving forward.
- 2.45pm – France will release their trade balance and is expected to be good.
- 4.00pm – Italy will release their retails sales and is expected to be good.
- 5.00pm – EURO will release their GDP and is expected to be no change – we believe it will better then previous months.
- 8.30pm – US unemployment rate claims and is expected to be good; the market will be cautious with the G7 meeting.
- 10.30pm – CAD will be volatile when BOC releases their financial system review – we maintain SELL for CAD.
- 11.15pm – BOC Governor Poloz will speak. CAD is expected to strengthen as we are expecting Poloz to be Hawkish in his statement.
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