This morning, world markets are steady after Trump appeared to ease his stance on trade tariffs. The Canadian dollar has reversed recent weakness, while most other currencies are mixed. This comes amid concerns of a wider trade war after China and Australia posted larger than expected trade surpluses.
The dollar index is slightly lower this morning, extending Tuesday’s larger decline.
The euro is slightly weaker this morning against the dollar ahead of the ECB meeting. Most other currencies are following a similar trend.
Most other yen pairs have a negative bias, led by the EUR/JPY which is staging its first significant reversal of the week.
Today we have the ECB bid rate at 12.45 and press conference at 13.30.
At 13.30, we have Canadian building permits and NHPI.
US unemployment claims are also at 13.30.
BOC governor Poloz speaks at 16.00, with Gov council member Lane speaking at 20.35.
The GBP/JPY is trading lower again this morning after a positive session yesterday.
Focus will be on the euro today with the ECB, but the pound’s troubles are far from over with Brexit still a far cry from being settled.