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US Open Preview – Dollar index breaks 93 key-level ahead of Trump’s nuclear decision
May 8, 2018 11:26 amVideo
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Here are the latest developments in global markets:
Day Ahead: Trump’s announcement on Iran nuclear deal in focus; US JOLTs job openings pending
Later today all eyes will turn to the US President Donald Trump who is anticipated to announce at 1800 GMT whether he will stay in the so-called Joint Comprehensive Plan of Action signed also by Iran, the UK, France, Germany, Russia, and China back in 2015 to ease sanctions on Iran in exchange for control over its nuclear program. The market chatter supports that the US president will likely pull the US out of the accord negotiated under Obama’s presidency, bringing another headache to global markets. But his plans to renew sanctions against Iran could take time to implement as those would affect trade actions between Europe and Iran. While this has already being priced in to some extend by the markets, an unexpected decision by Trump to renew the agreement could cause a larger decline in oil prices.
Economic releases during the day will be light. Canada will see the release of housing starts for the month of April at 1315 GMT, while the US JOLTs job openings will be attracting the most interest at 1400 GMT. Particularly, the report published by the Bureau of Labor Statistics is expected to show that 6,101 million positions opened in March compared to 6,052 million seen in the preceding month.
In energy markets, investors will be waiting for the API weekly report at 2030 GMT to indicate the change in US crude oil stocks, after the aggressive run in oil prices on Monday.
At 2245 GMT, New Zealand will publish figures on electronic card retail sales; kiwi traders could face some volatility. Month-on-month electronic card retail sales are forecasted to show no growth in April after an expansion of 1.0% in the previous month.
In equities, Walt Disney and Nvidia are two of the companies releasing results this week, on Tuesday and Thursday respectively.
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