Greenback Fell, US To Make Another Trade Attack Against China And Even EU

Market Reviews

Sentiment at the stock market is so far ambiguous. Meanwhile, commodities reinforced. Loonie is the second strongest, followed by the Japanese Yen. The greenback dropped to trade as the softest. As of situation in Italy, Luigi Di Maio, Five Star Movement leader, agreed to find someone else for the position of economy minister as Paolo Savona got rejected by President Sergio Mattarella. German 10 year bund yield closed at 0.376. Italian 10 year bond year ended at 2.903, suggesting the gap was still over 250.

Donald Trump is expected to impose more tariffs against China and put restrictions on investment in Chinese companies in the US. Moreover, he might even decide to impose tariffs against the EU. Meanwhile, Bank of Canada expressed concerns over the economic outlook in its statement, which raised odds of a rate hike from less than 50% to 65%.

New Zealand ANZ business confidence fell from -23.4 to -27.2 in May. Australian private sector credit grew 0.4% mom in April. Chinese official PMI manufacturing surged from 51.4 to 51.9. PMI non-manufacturing increased from 54.8 to 54.9. Japanese industrial production lifted only 0.3% mom in April. Housing starts were up 0.3% yoy. Today’s data marks Eurozone flash Consumer Price Index for May and jobless rate, British mortgage approvals and M4, Swiss Q1 Gross Domestic Product and retail sales, Canada Gross Domestic Product and US personal income and spending as well as unemployment claims, Chicago PMI and pending home sales.