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The Barnier resignation and conciliatory remarks from Marine Le Pen suggest the worst could be over in France, though the market will be wanting to see what President Macron does over the weekend with respect to his new appointment. read report
The Euro has done a good job holding up despite all of the drama out of France. Market participants will now be anxious to see who President Macron appoints to succeed Michel Barnier and what the formation of a new government will look like. read report
Trump’s warnings to the BRICS nations against a competing currency to the US Dollar, and political turmoil in France have been the major stories over the past 24 hours. Both stories have translated to renewed demand for the US Dollar on the Trump trade impact and flight to safety appeal. read report
There was an initial reaction to the Trump victory which led to a pricing in of Dollar bullish policies. And as is usually the case with these things, the market reacted more aggressively and is now in the process of adjusting that trade. read report
Trading conditions will be thin once again on this Friday with the US market out for the Thanksgiving holiday. A lot of what we’re seeing out there right now is month-end related flow that has been very much pointing to Dollar selling. read report
Wednesday’s round of pre-holiday US data came in mostly as expected on the whole. This left the market thinking about month-end flow, which leaned heavily out of the Buck’s favor. US markets are closed for the Thanksgiving holiday. read report
The market has absorbed the news around the Trump tariffs on China, Mexico, and Canada and is starting to move past it, while feeling better about an easing in geopolitical tensions. This has translated to some Dollar selling into Wednesday along with an ongoing bid in US equities. read report
We don’t normally talk about the Canadian Dollar in our opening call but that’s exactly where we are as we get going on this Tuesday. The Loonie has collapsed to its lowest level against the US Dollar since April of 2020, this on President-elect Trump’s vow to impose a 25% tariff on products from Canada. read report
The Euro had already been struggling with a softer economic outlook, dovish ECB talk and upgraded odds for a rate cut in December before taking in Friday’s abysmal round of economic data. Key standouts on Monday’s calendar come from German Ifo reads, Canada manufacturing sales, the Chicago Fed national activity index, and Dallas Fed manufacturing. read report
We come into Friday with the US Dollar having extended its run of yearly gains against the Euro and New Zealand Dollar, and multi-week gains against the Pound. Overall, the US Dollar remains well in demand across the board. read report
