Japanese Yen Is Reinforcing Ahead Busy Week
Japanese Yen is showing some broad gains. Asian stocks are slightly mixed. Nikkei maintained the rise of 0.25%. China SSE lowered -1.5% and Hong Kong HSI dropped -1.5% Meanwhile, Aussie, Kiwi and Loonie have weakened. This week marks a batch of important events, including BoC policy meeting, Canadian Consumer Price Index, Australia employment and RBA protocol, New Zealand Consumer Price Index and Chinese Gross Domestic Product. Thus, the currencies might reinforce.
China and Japan concluded their high-level economic negotiation. The result was rather satisfying. Taro Kono (Japanese Foreign Affairs Minister) and Wang Yi (Chinese State Councillor) agreed on the need of mutual understanding and improving the relationship.
Wang Yi stated: “I hope we can begin at a fresh starting point and discuss a new future, while promoting a new cooperative relationship. I want to have in-depth discussions on economic policies, cooperation on the belt and road initiative and further integration of East Asian countries.” Taro Kono, in his turn, replied: “I hope to hold active discussions about regional and global economic issues. I would also like to take this opportunity to further strengthen economic relations between Japan and China.”
After the Summit of the Americas, Mexico and Canada lost their hope of having a NAFTA renegotiation. Still, Mexican President Enrique Pena Nieto, US Vice President Mike Pence and Canadian Prime Minister Justin Trudeau met in Lima, Peru, on the sidelines of the Summit of the Americas and agreed to accelerate the efforts.
This week, the leaders of the 53 Commonwealth member states are meeting in the Commonwealth Heads of Government Meeting. Theresa May will deliver a speech at the business forum today to boost trade. The Prime Minister announced: “Our Commonwealth family already accounts for one-fifth of global trade. And we must continue to work together to build further upon this solid foundation by building on our existing trade links and establishing new ones.” May is expected to present new programs to increase Commonwealth-wide support to women-owned businesses. There will also be new funding for a new Commonwealth Standards Network.
Today’s data marks: Swiss Purchasing Price Index, US retail sales, Empire state manufacturing index, business inventories and NAHB housing index.