Trading conditions will be thinner today on account of the long weekend holiday in the US. But as we come into the new week, sentiment is rather upbeat. Most of this has been driven by a diffusion in tension around US trade policy and optimism about a possible peace deal between Russia and Ukraine.
Friday’s softer US retail sales data is factoring into price action as well, with investors using the economic data as fuel for the case that the Fed should be leaning more accommodative rather than less with monetary policy.
Earlier today, Japan’s GDP came in stronger than expected, giving the yen an additional prop as it reinforced the prospect of the BOJ sticking with its hawkish path and plans for more rate hikes.
Key standouts on Monday’s calendar for the remainder of the day include Eurozone trade, Canada housing starts, Canada foreign security purchases, and the Fed. US markets are closed for President’s Day.
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