Check out today’s economic highlights and the important events of the week.
This article is originally referred from IronFX News.
G7 meeting ended without a common stance
- According to media as the G7 meeting was drawing to a close, with all parties agreeing to a joint statement, US president Trump instructed US diplomats not to sign it.
- The US President’s instructions seem to be a reaction to some comments made by Canada’s Prime minister.
- The other 6 members seem to stand by that communique and Canada retains its retaliatory tariffs , while Europe seems to be considering countermeasures for the US tariffs.
- The revamping of the NAFTA agreement seems uncertain, after a Twitter attack on the Canadian Prime minister by president Trump.
- Overall the meeting failed to establish a common ground avoiding a trade war and should there be headlines implying an escalation of the dispute we could see safe havens strengthening.
Trump-Kim meeting ahead
- On other headlines, US president Trump flew to Singapore for his meeting with North Korean Leader Kim Jong Un tomorrow.
- In the meeting the possibilities for North Korea to give up it’s nuclear arsenal in order for the US to lift trade sanctions are to be explored.
- The road seems to be bumpy as president Trump and Kim Jong Un are yet to agree on the definition of denuclearization.
- Should there be positive headlines about the meeting we could see safe havens weakening.
Today’s other economic highlights
- UK: Manufacturing Output for April, Survey: +0.3% mom Prior: -0.1% mom, 08:30 (GMT), could support GBP
- UK: Trade Balance for April, Survey: -11.25B Prior: -12.29B, 08:30 (GMT), could support GBP
As for the rest of the week
- Tuesday: UK employment Data for April, Germany’s ZEW Economic Sentiment for June and US inflation data for May are due out.
- Wednesday: we get the UK inflation data for May and FOMC’s interest rate decision.
- Thursday: we get Australia’s Employment data for May, Germany’s and France’s final HICP rates for May and ECB’s interest rate decision.
- Friday: BoJ’s interest rate decision, Eurozone’s final inflations rates for May and the US preliminary Michigan Consumer Sentiment indicator for June are due out.
Original Source: IronFX News