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Currency Market Analysis

Aug 29, 2018 | Currency Market Analysis

Global Themes

USD inches higher as markets hope for Canadian deal

Global markets continued to march higher overnight as the positive impact of the US-Mexico trade deal boosted sentiment.

The US dollar climbed as markets hoped a US-Canada deal could be close.

The Canadian foreign minister Chrystia Freelan travelled to Washington DC overnight as the two countries resumed talks.

Euro gains

In other markets, the euro hit six-week highs after a stronger series of German business confidence boosted European bond yields.

The Japanese yen bounced as the better news on trade helped the currency.

The Australian dollar fell ahead of tomorrow’s critical capital expenditure number. This number feeds into next week’s all-important second-quarter economic growth numbers.

US GDP

The major event tonight comes from US economic growth with second quarter GDP due at 8.30pm.

The market is looking for a strong 4.0% result (in annual terms) after the advance reading signalled growth was at the post-GFC highs.


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