With trading volume in the currency markets expected to be exceedingly light given the holiday related closure of financial markets in much of the world, the US Dollar still managed to firm against its rivals.
The United States International Trade Commission (ITC), an independent analyst, has reported its finding that the new trade deal between the U.S., Mexico, and Canada (USMCA) will have a positive effect on the economy and the employment levels.
Oil prices hit fresh 2019 highs on Monday following reports that the United States is set to announce that all waivers for the Iranian sanctions will end, and that all buyers of Iranian oil will have to find new suppliers, or face sanctions themselves.
This week is likely to see a somewhat increased level of activity in the market compared to last week, with central bank input due from the Bank of Japan and the Bank of Canada, plus important U.S. GDP data.
The common currency Euro slipped to a 1-week trough against the US Dollar after the latest economic data from the Eurozone raised concerns that the Eurozone economy is struggling for traction.
China’s economic growth remained stable in the last quarter of 2018 despite a tariff war with Washington as Beijing’s efforts began to make progress in the face of the economic slowdown.