- July 16, 2018
- Posted by: Joey Benedid
- Category: Market News
Following Putin catching the World Cup Final yesterday in Moscow, he traveled to Helsinki where he and President Trump are set to meet. Trump is under pressure to address the 2016 Election meddling accusations among other geopolitical matters. Many are skeptical that any positive takeaways will result in the meeting. Trump took aim at the EU after his meeting with the UK on Friday and stated that the EU is a foe based on how it trades with the US. The Dollar remains put from the end of last week as the risk of escalation in a trade war with China and other global partners are keeping investors in a cautious holding pattern. After a busy week for the Canadian Dollar last week, the only primary Canadian news scheduled for release won’t come until Friday morning with CAN CPI.
EUR is seeing slight gains this morning, mostly on the weak Dollar. Sterling is neutral as continuing Brexit concerns are limiting movement on the pound. With more crunch votes coming this week in Parliament, Prime Minister May is hoping to rally her remaining supporters as opposing members of parliament continue to disagree on Brexit regarding trade terms with the EU.
US Advanced Retail Sales (0.5% vs 0.8%) are set to come out at 8:30am, with secondary data in CAN Existing Home Sales (1.7% vs -0.1%) coming out at 9:00am. Short term support and resistance remains at 1.3060 and 1.3255 respectively as we continue to trade sideways, while RSI is at 59 and the 200-day moving average resides at 1.2786.