US FX Handover: Loonie Rockets on CA Jobs Data, Trade Talks Dissolve
Matt Weller, CFA, CMT May 10, 2019 3:31 PM
- US-China trade talks dissolved with no deal, though parties described the discussions as “constructive” and having went “fairly well.” Chinese media reports that the two sides will meet again in Beijing in the coming week
- The US reported slightly softer-than-expected CPI figures (2.0% y/y), but “core” CPI, which filters out more volatile food and energy prices, rose 2.1% as expected.
- The loonie was the strongest major currency after Canada reported a record 106.5k new jobs in April.
- The yen and US dollar were the weakest major currencies as traders realized the impact of the new US tariffs wouldn’t be felt until next month (see our related report on the S&P 500 for more).
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