MARKET UPDATE 26-Jul-18

US President Donald Trump and the European Commission President Juncker is said to have struck a deal. The two leaders have agreed to begin talks to lower tarrifs, to ease trade tensions and avoid a full-blown trade war.

This caused a bit of jump in the equities market. The S&P 500 Index pushed higher for the third straight day while the Dow Jones Industrial Average overcame a shaky open to finish sharply higher in midweek trade.

On the economic front, US new home sales fell by a much steeper than expected 5.3% in June while Australia released its quarterly Import and Export Price Indexes. Their Import index came in higher at 3.2% while their export index was at 1.9%.

Tonight we await the European Central Bank’s interest rate decision. Although the ECB is set to keep the rate on hold, it would be interesting to hear how the economy is taking shape.

FX Rates 26 07 18

 

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