The narrative of Trump versus the world continues to dominate the market landscape as we look towards the end of April. While he was busy over the weekend putting in focus on the Russia-Ukraine conflict, it is leaving broader markets wanting in the new week expecting some new development on tariffs/trade. And that’s where we are at right now.
US-China trade continues to be stifled in the meantime and that’s one major sticking point. Besides that, we’re also waiting on breakthroughs from other countries in striking a compromise on tariffs. To that, there’s still no avail as well.
And with each passing day, the world economy continues to bleed out and we move one step closer to the hard data translating to pain in economic data. That will definitely be more evident in the next three to four weeks especially. Here are some posts to keep in mind in all of this:
- US April Philly Fed business index -26.4 vs +2.0 expected
- Eyes on the global freight market as ocean bookings plunge
- People in the freight industry are sounding the alarm
- What happens to the US economy when freight dries up
- Financial Times on “Demand slump fuelled by Trump tariffs hits US ports and air freight”
For today, the focus will be to look towards any progress on the trade front once again. US futures are down amid some disappointment after getting their hopes up last week. Will that continue into the new week?
On a quiet day like this, headline risks will take center stage. But just be aware that there is at least the Canadian elections to watch out for.
0800 GMT – SNB total sight deposits w.e. 25 April1000 GMT – UK April CBI retailing reported sales
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
This article was written by Justin Low at www.forexlive.com.