- April 10, 2018
- Posted by: Joey Benedid
- Category: Market News
Despite Chinese president Xi Jinping striking a conciliatory tone in an overnight speech pledging to open China’s economy & “significantly” reduce tariffs on auto imports, the U.S. dollar remains under pressure as trade concerns still weigh heavy on the market’s psyche and last week’s poor employment data has brought doubt concerning future rate hikes. Today’s producer pricing index release at 8:30 AM EST will give the latest inflation reading in the price of finished goods and services sold by producers in the U.S. & will further assist market sentiment on interest rate direction.
USD/CAD has continued lower after yesterday’s BoC Business Outlook Survey provided positive sentiment towards our country’s economy citing a reduced effect of the turmoil surrounding U.S. trade concerns with Canada. Canadian housing starts & building permits data will be out at 8:15 & 8:30 AM EST respectively and both are expected to be less than stellar prints. Resistance will now come in at 1.2725 with support at 1.2615.