FX Daily Update
The National Bank of Canada | Jan 16, 2017 11:07PM ET
Tough negotiations ahead in Europe?
Once again, concerns regarding Brexit have resurfaced. Over the weekend, British media reported that the United Kingdom’s government was planning to take a hard line in its negotiations with European officials. Could this be a sign that discussions will be tougher than anticipated? In reaction, the pound sterling, which has been particularly sensitive since the Brexit vote last June, gave up 1.6% against the U.S. dollar and European stocks are also down.
This week is shaping up to be particularly busy, with the main event the Bank of Canada’s key rate decision on Wednesday. Major economic indicators will also be released, such as Chinese Q4 2016 GDP (Tuesday) and U.S. and Canadian inflation data (Wednesday and Friday respectively). It should also be noted that the new U.S. president will be sworn in on Friday, and could bring more than his fair share of surprises.
Today, U.S. stock markets are closed for the Martin Luther King Day Jr. Holiday. This could be a good time to review your market orders with your trader.
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