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US Open Preview – Yen holds strong amid trade concerns; European stocks open higher
March 15, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: US initial jobless claims & business indices attract attention
The US will release another bunch of economic data today, though, positions on the dollar might be on the defense as investors continue to price risks stemming from Trump’s protectionism appetite which could drive global trade on edge.
At 1230 GMT, the New York Fed will publish readings on manufacturing conditions in the New York state, with the index expected to improve in March after four months of falling. The Philadelphia Fed will also report on regional business conditions at the same time, however, in this case, projections are for the business index to weaken.
US Initial jobless claims for the week ending March 9 and March import prices will be published along with the above data as well. A few hours later at 1400 GMT, the National Association of House Builders will issue its Housing Market Index which tracks the relative level of current and future single-family home sales. A print above 50 is considered a positive sign for the housing market.
Trump’s politics will remain in the center stage during the day following the resignation of the chief economic adviser, Gary Cohn, last week and the firing of the Secretary of State, Rex Tillerson on Tuesday which increased speculations that the president’s political strategy contradicted notions held in the White House and raised fears that Trump is serious about his punitive legislative plans. Early today news confirming Larry Kudlow to be the new economic adviser, pushed the dollar lower as the CNBC’s economic analyst is known for his tough stance against US-China trade relations. On the other hand, he has been critical of Trump’s tariff approach.
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