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US Open Preview – Dollar index holds losses on funding bill uncertainty; European stocks hit fresh highs
January 19, 2018 1:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: US Senate votes on government’s spending bill
Economic releases will be limited during the rest of the day, with the US and Canada releasing data on consumer sentiment and manufacturing sales respectively.
At 1330 GMT, Canadian manufacturing sales for the month of November are expected to post a strong rebound, rising by 2.0% m/m after falling by 0.4% in October. This would be the highest growth seen in a year.
In the US, the University of Michigan will give preliminary estimates on US consumer sentiment for the month of January at 1500 GMT. Analysts anticipate the index, which gauges the relative level of current and future economic conditions, to take off from three-month lows and climb by 1.1 points towards 97.
A Senate vote on the government’s funding bill, though, will be in main focus in the US as the bill which has been extended three-times so far expires today. Yesterday, the House of Representatives approved a spending bill through February 16 but the battle might be harder in the Senate as some Republicans and Democrats Senators recently expressed their opposition to the House bill. Now markets believe that the Senate might pass a shorter-time-period funding bill in order to avoid a potential government shutdown and gain more time to negotiate the plan.
In oil markets, Baker Hughes will issue readings on the US oil rig count at 1800 GMT. In other news, OPEC and non-OPEC members will gather in Oman over the next two days to review their strategy to cut global supply, with the Russian energy minister Alexander Novak saying that the meeting could include mechanisms to gradually exit supply cuts after the deal concludes in the end of the year.
Turning to public appearances, the Boston Fed President John Williams will participate in an informal discussion titled “Thoughts on the Economy” at 1345 GMT. The Fed Vice Chair for Supervision, Randal Quarles will follow later at 1800 GMT, speaking on Bank Regulation before the American Bar Association Banking Law Committee annual meeting, while the San Francisco Fed President John Williams will also be talking at a Bay Area forecasting conference at 1830 GMT. All three are FOMC voting members.
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