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Both Canada and the EU confirmed their plans to retaliate with higher tariffs on U.S. products yet the Loonie tumbled while the shared currency continued its ascent.

The lower-yielding yen was also in a weak spot as a bit of risk-taking kicked in ahead of the much-anticipated meeting between Trump and Kim Jong-Un.

  • IMF head Lagarde: Cloud over global economy grew darker on trade war
  • U.K. PM May: Deep disappointment with U.S. over tariffs
  • PM May: U.K. must negotiate trade deal with EU
  • No major economic reports released

Major Events/Reports:

G7 Summit aftermath

Without any major reports released during the New York session, leaders and market watchers took some time to review what transpired during the G7 Summit and what these could mean for the global economy.

For U.K. Prime Minister May, this particular summit was a difficult one since there was a lot of debate and disagreement. She reiterated their “deep disappointment” with the U.S. on higher steel tariffs, adding that the U.K. needs to come up with a trade deal with the EU.

IMF head Christine Lagarde also weighed in with her thoughts, citing that the cloud over the global economy has gone darker on account of these trade disputes.

Optimism ahead of Trump-Kim meeting?

Wall Street’s mood is still pretty upbeat ahead of the sit-down between U.S. President Trump and North Korean leader Kim Jong-Un today.

  • Dow 30 index is up 5.78 points to 25,322.31 (+0.02%)
  • S&P 500 index is up 2.97 points to 2,782.00 (+0.11%)
  • Nasdaq is up 14.41 points to 7,659.93 (+0.19%)

The Donald has been live-tweeting about the action in Singapore, stating:

Commodities were also in positive territory for the session:

  • Gold is up $0.91 to $1,301.00 per troy ounce (+0.07%)
  • WTI crude oil bounced $0.33 to $66.07 per barrel (+0.50%)

U.S. bond yields were slightly in the red as traders might be lightening up on their positions ahead of the CPI release and FOMC decision:

  • 5-year yield is down to 2.801% (-0.04%)
  • 10-year yield is flat at 2.957% (0.00%)
  • 30-year yield is down to 3.097% (-0.01%)

Major Market Mover(s):



The euro continued its advance from the previous trading session on improving political sentiment in Italy and profit-taking ahead of the ECB decision later this week.

EUR/USD bounced from a low of 1.1775 to a high of 1.1815 then retreated back to its session open, EUR/JPY fared better as it made a beeline for the 130.00 handle, EUR/GBP is up to .8797, and EUR/AUD held on to 1.5473.



The Loonie was down in the dumps as NAFTA jitters worsened when Trump continued to antagonize Canadian PM Trudeau with his tweets even after their G7 meetings.

However, the Loonie was able to stay afloat against the dollar and the yen thanks to some risk-taking during the session.

USD/CAD reached a high of 1.3028 then slid back to 1.2977, CAD/JPY bounced off 84.36 to 84.88, EUR/CAD is up to 1.5329, and AUD/CAD is up to .9877.


The yen was the biggest loser of the session as traders were hungry for more risk, despite the prevailing trade tensions after the G7 Summit.

USD/JPY is up from 109.90 to 110.44, AUD/JPY rallied from 83.64 to 84.00, NZD/JPY is up from 77.24 to 77.37, and GBP/JPY bounced back to 147.50.

Watch Out For:

  • No major economic reports are scheduled for release