Big day today with Jackson Hole. Fed Chairman Jerome Powell is scheduled to speak Friday morning to kick off the annual conference but as usual, there won’t be too much clear guidance coming from the Chairman.
Risk off as North American desk opened:
8:17 am: CHINA TO IMPOSE EXTRA 5% TARIFF ON SOY BEANS FROM SEPT. 1
” CHINA TO IMPOSE EXTRA 5% TARIFF ON SOY BEANS FROM SEPT. 1″
Gold gets bid again – it was tough holding it in past 24 hours if you were trying to be long:
8:30 am ET. $USDCAD:
*CANADA RETAIL SALES ARE FLAT IN JUNE, VS. FORECAST 0.3% DROP
*CANADA EX-AUTO RETAIL SALES RISE 0.9%, VS. FORECAST 0.0%
*IN VOLUME TERMS, CANADIAN RETAIL SALES GAIN 0.4% IN JUNE
Not much impact on USDCAD as China tariffs news takes front and center. 1.33 should be supportive unless Powell gets overly dovish.
USDCAD Levels to watch:
The US-China Tariff is starting to look like a long boxing match:
Huawei advertising their position on the WSJ.
Trump putting pressure on the FED: