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Dual holiday keeping market quiet

Posted on: May 30, 2016

As expected, the week is starting off quietly with both the US and UK off for holiday. The only mover is the Yen with news that Japan needs to delay a sales-tax increase for up to two and a half years, indicating the difficulty to keep up the economic activity.

Yellen’s comment on Friday is keeping the hope alive for a summer hike. The odd for a June and July hike have moved up to 36% and 59% respectively this morning. But this will be very data dependent so all eyes on the USD Non-Farm Payrolls this Friday. For the rest of the week, we have Chinese PMI on Wednesday and ECB on Thursday.

Canada reports a wider current account deficit in the first quarter with the weak energy prices. The deficit of $16.8B is a billion wider than a revised Q4 result.

USDCAD drifted higher in the Asian session although with so little volume, it really doesn’t mean much. For the day, I am not expecting much and will be staying out rather than trading the choppy market that holiday usually brings.

  • Previous Day’s NA Range 1.2999 - 1.3068
  • Asia overnight range 1.3006– 1.3092
  • London overnight range 1.3033- 1.3095

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