NAFTA negotiators are reviewing alternatives on rules of origin for autos – US NAFTA negotiators showing ‘some flexibility’ on issue of rules of origin for autos Headlines crossing via Reuters
Coming up at 0130 GMT – February trade balance data – expected surplus of AUD 725m, prior surplus was AUD 1055m I posted a preview here (via NAB and Wetspac)
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Forex news for New York trade on April 4, 2018: Markets: – Gold flat at $1333 – S&P 500 up 30 points to 2644 – WTI crude flat at $64.54 – US 10-year yields up 2.5bps to 2.80% Eight hours ago the world was plunging into a global trade war with China raising the stakes…
White House Economic Adviser Larry Kudlow – NAFTA negotiations are going rather well – believes China will back down and ‘play ball’ Reuters reporting on Kudlow in two separate interviews (Fox and CNBC). On China, I think Larry might be a tad optimistic. There will be more uunpleasantness to come on trade issues I reckon.
Australian February trade balance is due at 0130 GMT on 5 April 2018 Preview via NAB: NAB is expecting a modest increase in the trade surplus to $1.4b – et by reduced non-monetary gold exports, which recorded a sharp rise in January Preview via Westpac:
Huh … it looks like we’ll be getting a good few headlines on trade issues again. This one to kick off early here: Headlines via Reuters More: Spoken like a diplomat indeed
From Barclays latest on Asian Pacific currencies, this in the Australian dollar, their 3 month directional view on AUD is neutral: Citing: o AUD due to the country’s large exports to China
Service sector reading from the Institute of Supply Management The high for the year was at 59.9 in January. The index is lower but remains near high levels.
Markit services PMI for March – Prelim was 54.1 – Prior was 54.9 – Composite 54.2 vs 54.3 prior – Employment 54.5 vs 54.1 prior — highest since Dec 2016 The ISM non-manufacturing index is coming up at the bottom of the hour.