Should We Keep an Eye on Canada's First-Quarter Current Account Balance?
31.05.2021
- Canada: First-Quarter Current Account Balance
- Markets in the UK and the US are closed
Last weekend, stock prices rose in both European and U.S. markets, leading to a trend of rising stock prices, a weaker U.S. dollar, and lower interest rates.Crude oil has been trading sideways in the $66.7 range, while the yield on the 10-year U.S. Treasury note has fallen to 1.59%. In contrast to the U.S. dollar, gold has risen, regaining the $1,900 level. The Nikkei 225 has fallen nearly 1% today and is currently trading around 28,852 yen.
The foreign exchange market is showing a slight trend toward yen appreciation, with cross-yen pairs falling gradually. The U.S. dollar, which had appeared to regain its upward momentum, lost steam starting last weekend (U.S. time) and is now trending downward again.The EUR/USD pair, which briefly fell to 1.213, staged a V-shaped recovery after the decline and is currently trading around 1.219 during Asian trading hours. Meanwhile, the Dollar Index has been pushed back by the daily 20-day moving average and has fallen again to around 90.05.
Today, Turkey’s first-quarter GDP is scheduled for 4:00 PM, followed by Germany’s Consumer Price Index (flash estimate) and South Africa’s trade balance at 9:00 PM, and Canada’s first-quarter current account balance, industrial production, and raw materials price index at 9:30 PM. Additionally, since markets in the U.S. and the U.K. are closed today, traders should watch for shifts in market trends as we transition from Asian to European trading hours.
Author: Keisuke Sakurai
