- June 11, 2018
- Posted by: Joey Benedid
- Category: Market News
The G7 Summit ended with little to show for, as Trump departed early from the Summit and trade tensions remain between the US and it’s closest allies. Trump flew to Singapore from Quebec ahead of his Summit with North Korea, which is slated to begin at 9:00PM EST tonight. Trump is confident that he’ll be able to figure out Kim’s intentions within the first minute of the meeting. In addition to the US-North Korean Summit, this is scheduled to be a busy week. Wednesday has the FOMC Rate Decision where it is expected that they will hike rates, Thursday has an ECB Policy meeting where they will discuss putting an end to its asset purchase program, and the BoJ has a Rate Decision on Friday. The UK will also be busy with Theresa May putting a Brexit bill to vote in parliament tomorrow. CAD has slipped against USD on worsening trade talks. EUR is up as investors are continuing to bet on an ECB signal as to when the bond-buying program may come to an end. EUR also got a boost over the weekend as the Italian Finance Minister stated that there was no discussions about an Italian exit from the Eurozone and that they would block any market conditions that would push for such an event. GBP is up this morning in hopes that Parliament can agree upon a Brexit policy.
Short term support is 1.2837 and resistance is 1.3046. RSI is at 58 and the 200-day moving average is 1.2674