More confirmation We’ve hear this before but the difference here is that it’s coming from a Canadian official. That means leaders from all three parties have basically endorsed the direction on autos.
Trump to hold conference call There will be no video, or grand announcement. Instead Trump will hold a conference call at 3:30 pm ET with media to announce higher proposed tariffs on China.
Close above the 200 hour MA at 7711.73, but tariff news ahead. Tesla earnings after the close. The Nasdaq has been under pressure since the Facebook tumble last week.
Seasonal trends this month 1) Not a great time Down Under August has been a tough month for the Australian dollar. Since 2005, it’s only risen against the dollar twice and fallen 11 times. The average decline over the past decade is 2.19% making it the second worst month and only fractionally better than May.
Not a great sign on Canada, or autos US auto sales have also been on the soft side today. ForexLive
Down -$1.10 or -1.6% The price of crude oil is settling at $67..66 today. That is down -$1.10 or -1.6%. The high for the day reached $68.52. The low extended to $67.31.
A lot of weight being put on the FOMC decision There wasn’t anything overly hawkish in the FOMC statement and maybe that’s a reason to sell the dollar but I don’t think it’s as big of a reason as, say, a full-blown trade war with China.
Concerns about tariffs… The USDJPY has moved below the swing/break area from yesterday at the 111.54-59 area. That weakens the bull run from yesterday and now has traders thinking the 50% at 111.36 and the 100 hour MA at 111.32 might be tested (blue line in the chart below). The 200 hour MA is another…
Australian June trade balance today is expected to show continued surplus – expected+900m AUD – previous+827m AUD Preview via ANZ: Via NAB: (bolding mine)
Blowing a lot of smoke here Not-so-bold prediction: Republicans aren’t going to shut down their own government ahead of the mid-terms and neither will Trump so we probably shouldn’t be wasting our time on this charade.