- April 11, 2018
- Posted by: Joey Benedid
- Category: Market News
Get Ready. With what appears to be level heads agreeing that a trade war would not benefit anyone, markets took a breather after yesterday’s comments from Chinese President Xi Junping easing up on auto tariffs and import policy in China and Trump praising China’s kind words. Geopolitical tensions are now rising on another front with Trump setting his sights on Syria after what is believed to be another chemical attack on the populous. The President is now alluding to a possible airstrike on the region, leading to Russian intervention stating that they would shoot down any missiles targeting Syria. Trump took to Twitter warning Russia to get ready and that the US would “be coming, nice and new and ‘smart!”. All of this has seen the dollar index drift marginally lower while the market awaits further news.
North American markets are focusing in on US CPI (2.4% vs 2.2%) inflation data at 8:30 AM EST and FOMC Minutes this afternoon at 2:00pm EST. Investors are keenly awaiting the FOMC minutes for clarification on how aggressive the FED will be moving forward with rate hikes through 2018 and into the coming years. Support in USD/CAD remains at 1.2585 with further levels at 1.2500, while resistance appears to be 1.2680.