Canadian first quarter productivity Business output decelerated and hours worked accelerated.
Sound familiar? The US dollar is at the best levels of the day across most of the foreign exchange market as a bid emerges in early New York trade. It was a similar story yesterday as the dollar came into North American trade weak and then slowly climbed higher for the remainder of the day.
The USD is mixed as North American traders start their day As the North American session begins, the GBP is the strongest on the back of better than expected service PMI, and the AUD is the weakest. The AUD was the strongest currency yesterday outpacing all the major currencies into the RBA decision today. The…
USD/CAD whipsaw on the headlines USD/CAD goes for a ride. This is a tough one to handicap. Trump has surely eroded some good faith in the talks by imposing metals tariffs but at the end of the day, everyone wants a good deal. Previously, Canadian officials have said bilateral talks could be a non-starter.
White House economic adviser Larry Kudlow on the wires CAD falls and then jumps back on the headlines as USD/CAD hits 1.3000 before settling at 1.2975 at the moment.
Highlights of the April JOLTS report The details of the stronger than expected April JOLTS report shows: The JOLTS report outlines the number of job openings during the reported month, excluding the farming industry.
May service sector index from the Institute for Supply Management Strong numbers all around. The market was leaning in this direction after the Markit PMI but this confirms it. The US dollar is at the best levels of the day against the euro and commodity currencies.
The final reading on the services sector The ISM non-manufacturing index is due at the top of the hour. The upside surprise and series high bodes well. The US dollar is higher on the headlines.
All $160 billion of the huge hedge fund is net short equities has some interesting comments from Bridgewater warning about higher rates leading to trouble in emerging markets that spreads to global equities.
The Nasdaq stocks are doing better and eyes the all time highs at 7637.27. The major US stock indices are open and the Nasdaq is trading higher and leads the way, but the gains are somewhat contained. The Nasdaq closed at a new record yesterday. A gain today would be another new record (duh). The…