For Putin's Amusement; Big Day Tomorrow
eToro | Feb 13, 2017 12:34
High Five Bro!
For Putin's Amusement
Big Day Tomorrow
Please note: All data, figures & graphs are valid as of February 13th. All trading carries risk. Only risk capital you're prepared to lose.
Market Overview
Trump and Abe seemed to really hit it off acting almost like two college buddies reunited. Donald tweeted no less than seven times about the great time they were having.
Here's a shot of the two high-fiving on the golf course.
Today Trump will meet with Canada's Prime Minister Justin Trudeau, or as he's more commonly referred to in the USA, Canada's other Justin.
There isn't much chance of any high-fives in this meeting. About 75% of Canada's exports go to the United States, not including bad pop singers, and PM Justin is determined to make sure that Canada doesn't get caught up in Trump's spat with Mexico.
Plenty of goods are shipped in the other direction as well, so Trudeau does have some bargaining chips going into this meeting.
The Canadian dollar, also known as the loonie, has been performing poorly since the massive devaluation in crude oil in 2014 but has recently been gaining strength. Here we can see the USD/CAD over the past five years...
Currently 69% of eTorians trading this pair are in a buy position.
Russian Contender
Vladimir Putin's most notorious political contender, Alexei Navalny, has announced that he intends to run against the Russian dictator in the upcoming elections in one year from now.
Isn't it a shame though, just when Putin finally has an ally in the White House, to be challenged like this? Putin doesn't seem to be too worried at this point. After all, a lot can happen to a man over the course of a year.
The Russian ruble is on fire this morning, gaining 0.5 rubles to the dollar in the last few hours of trading. Here we can see the dollar falling steadily against the ruble ever since Trump's election on November 8th.
Check out the gap at the end, as the last candle opened at the lowest level since July 2015.
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No News is Good News
The economic calendar is pretty empty today and there isn't a lot scheduled. We're currently waiting for updates on a great many stories though including Brexit, OPEC, Greece, France, North Korea, and more.
The absence of any major updates on any of these events could be good for the global stock markets.
Tomorrow is a very busy day indeed and will start early with some inflation numbers coming out of China early in the morning and lots of data to follow from around the globe.
Many market commentators have chosen to focus on Janet Yellen's trip to congress. Market expectations of a rate rise in March have risen to 30%, so Yellen has a chance to raise that number or send it to zero over the next 85 hours. Up or down, the number needs to change before the next meeting in order to avoid excessive volatility in the markets going into March.
Let's have a fantastic trading week!!
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