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Big Week Ahead in Canada | Hong Kong Chaos Continues

Published November 18, 2019
  • There is plenty of major economic data being released this week in Canada, including September Manufacturing, Retail Sales, and October CPI.  Bank of Canada Governor Poloz and Deputy Governor Wilkins each have speeches scheduled this week, so loonie traders will have to be on high alert for potential volatility in USD/CAD.
  • Hong Kong protests turned violent yesterday as hundreds of protesters clashed with police outside Hong Kong Polytechnic University.  The escalation of violence continues to be a troubling trend that has shook the city and remains a wildcard as a geopolitical threat to global stability.  The global economic impact of the protests has been relatively muted thus far, but that could all change if the conflict escalates to the point of Chinese intervention.
  • According to Germany’s Bundesbank, there is no reason to fear a German recession.  The Central Bank released its latest economic monthly report, and it added that it feels the German manufacturing downturn is leveling off.  These positive remarks have helped support the Euro, which starts the week well into the green for the third consecutive session.
  • The latest UK election polls show Boris Johnson and his Conservative Party have a double-digit lead, which would put them on track for a majority government.  There are still 24 days left until the British people vote, which is plenty of time for new headlines, scandals, or polls to change the course of the election.  While opinion polls have not always been reliable in recent memory, the British pound is feeding off the headlines and has erased its losses for 2019.  The next test for GBP will come on Tuesday as candidates take part in the first televised election debate.