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Markets start timidly as Trump hits Asia

Posted on: November 06, 2017

President Trump began his long awaited Asia tour yesterday, meeting with Japanese Prime Minister Shinzo Abe as they discussed many topics including trade and defense. This will be an important 11-day trip for Trump as he looks to build ties in Asia and lean on China again to help rein in North Korea. USDJPY finally ran the stops above 114.50 but stalled again in front of 115 as US yields retrace from October highs. Meanwhile in Saudi Arabia the Crown Prince has used the corruption theme as an excuse to consolidate power. WTI opened close to unchanged as the market waits to see what if any impact this will have. Around the G10 this week it’s a fairly light calendar, with the central banks of Australia, New Zealand and Mexico holding court.

Closer to home, there is not much moving CAD this morning ahead of Governor Poloz’s speech tomorrow. With no major data this week expect CAD to be dragged around by the usual suspects today as the market looks to see if Poloz and the Bank of Canada have any new insights in the ability to understand and measure inflation in the new economy. On the downside 1.2660/70 is the next key support with some filling in around 1.2700 after the big employment-related move on Friday. If Poloz is more dovish than expected we could take another run at the 1.2910/20 band of resistance.

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  • Friday's NA 1.2715 - 1.2835
  • Asia 1.2754 - 1.2779
  • London 1.2742 - 1.2769


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