- April 13, 2018
- Posted by: Joey Benedid
- Category: Market News
Markets were quiet during the overnight session, with news of Trump’s willingness to reenter into negotiations for the Trans-Pacific Partnership trade agreement surfaced. The President stated that he would be willing to enter into an agreement if there was a substantially better deal than the one that included the Obama administration. The President withdrew from the pact shortly after taking office last year. Member nations of the Trans-Pacific Partnership said that they welcomed the change of heart from the US, but do not feel obligated to renegotiate the terms of the current deal. The news has had little effect on the Dollar, and geopolitical and US domestic concerns have the market hesitant to commit in any direction.
Friday’s North American economic news is highlighted by University of Michigan Sentiment which is expected to come in just shy of last month’s report (100.5 vs 101.4). Canada will see secondary data released today with Existing Home Sales MoM for March being released.
USDCAD remains range bound, with technical levels remaining stagnant from yesterday’s report with Support coming in a 1.2500 and Resistance at 1.2626 where the 200-day moving average resides.