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Dollar Mixed as EU Trade Spat Escalates

The US dollar is mixed against major pairs. Safe havens like the Swiss franc, Japanese yen and the euro have gained against the greenback, while the Canadian and New Zealand dollars along with the pound are lower. Strong data in Europe boosted the single currency but the rally was short lived after the Trump administration…

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BMW Warns on Negative Effects of Brexit

The car giant BMW has followed plane maker Airbus in warning of the adverse consequences of Brexit. BMW UK boss Ian Robertson told the BBC it needed clarity by the end of the summer. It makes the Mini and Rolls Royce in the UK. Earlier, Airbus warned it could leave the UK if it exits…

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US Could Place 20% Tariffs on European Cars

President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20 percent tariff on all U.S. imports of European Union-assembled cars, a month after the administration launched an investigation into whether auto imports pose a national security threat. “If these Tariffs and Barriers are not soon broken down and…

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US To Appeal WTO Trade Dispute Rulings

The statement by U.S. Ambassador Dennis Shea threatened to erode a key element of trade enforcement at the 23-year-old WTO: binding dispute settlement, which is widely seen as a major bulwark against protectionism. It came as U.S. President Donald Trump, who has railed against the WTO judges in the past, threatened to levy a 20…

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Trade War Could Trigger Recession says BofA

Even as growth ramps up to what could be the fastest rate since before the financial crisis, economists are worried that a trade war could tip the U.S. into a significant slowdown or even a recession. Fears over a GDP pullback come as President Donald Trump threatens another, more severe round of tariffs aimed both…

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OANDA Market Insights podcast with Jazz FM

OANDA Senior Market Analyst, Craig Erlam and OANDA Head of Trading Asia, Stephen Innes review the week’s business and market news with Jazz FM Business Breakfast presenter Nick Howard. This week’s big stories: Airbus signal No Deal Brexit planning, Chancellor Hammond hopes for financial trade benefits, trade war or “scuffle” as tariffs kick in, OPEC […]

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OPEC Agrees to Increase Production by 1M Barrels

OPEC agreed on Friday on a modest increase in oil production from July after its leader Saudi Arabia persuaded arch-rival Iran to cooperate amid calls from major consumers to help reduce the price of crude and avoid a supply shortage. Two OPEC sources said the group agreed that OPEC and its allies led by Russia…

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CANADA: Retail trade, April 2018

Following three consecutive monthly increases, retail sales in April declined 1.2% to $49.5 billion. The decrease was primarily due to lower sales at motor vehicle and parts dealers. Inclement weather in many parts of Canada may have contributed to the overall decline in April. Excluding sales at motor vehicle and parts dealers, retail sales were…

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CANADA: Consumer Price Index, May 2018

The Consumer Price Index (CPI) rose 2.2% on a year-over-year basis in May, matching the increase in April. Component highlights All eight major components increased on a year-over-year basis in May, although five of the eight major components grew at a slower rate. The transportation index rose 5.6% in May, following a 4.7% increase in…

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CAC jumps on strong French Services PMI

The CAC index has posted sharp gains in the Friday session. Currently, the CAC is at 5368, up 0.97% on the day. On the release front, French PMIs were mixed. The services PMI improved to 56.4, beating the estimate of 54.3 points. However, the manufacturing PMI slipped to 53.1, shy of the estimate of 54.0 points. Eurozone…

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