- May 7, 2018
- Posted by: Joey Benedid
- Category: Market News
Over the weekend, discussions to renew the Iranian nuclear deal were had with concerns that Trump will walk away from the deal. Israeli Prime Minister Netanyahu stated that the deal in principle was fatally flawed, while Iranian President Rouhani issued a warning that the US would face historic regret if they walk away from the 2015 accord. Boris Johnson will be traveling to D.C. as the most recent foreign figure to attempt to save the pact. With geopolitical tension tensions starting to materialize around the Iranian nuclear deal, oil pushed above $70/barrel for the first time since November 2014. As we head into the North American trading session we have a quiet calendar, so all eyes will be on Atlanta, Richmond, Dallas and Chicago Fed Presidents as each will make addresses today, with Jerome Powell speaking in Zurich tomorrow.
Calendar highlights for the week will pick up on Thursday with the BoE Rate Decision/Inflation Report and US CPI, while Friday serves up Canadian jobs numbers. With USDCAD consolidating within recent ranges, short term support and resistance is 1.2750 and 1.2900 respectively, while RSI is still neutral at 54 and the 200-day moving average resides at 1.2687.