Canadian Retail Sales Data Due | Brexit Deal Amendment Faces Defeat… Again
Published May 22, 2019
The Trump Administration is considering adding five Chinese companies to a blacklist that prevents the use of US software. The administration had held off targeting Chinese tech companies while trade talks were ongoing, however, in the latest ramp up of hostilities it has become increasingly likely private tech companies will suffer collateral damage.
The Federal Reserve Bank of St. Louis President James Bullard recently argued that the Federal Reserve may have “slightly overdone it” during the December interest rate increase. Market participants will be looking for any mention of monetary easing in the minutes of the April FOMC meeting which are set to be published this afternoon.
British Prime Minister May is once again staring into the abyss of another Brexit deal failure as Parliament seems likely to reject any amendments proposed. Sterling has dipped below 1.2700 this morning and is in the midst of the longest-ever losing streak against the euro.
Canadian retail sales data is due this morning, which may include an increase of 1.1% against the 0.8% prior estimates. Core retail sales are likely to rise to 0.9% over the 0.6% previously forecast. The loonie has continued to gain against the greenback, benefiting from an increasing risk appetite as a result of the US reaching an agreement with Canada and Mexico to cancel steel and aluminum tariffs.