Under the guise of his forthcoming summit with Kim Jong-un, Trump plans an early departure from 2018 G7 Summit.
The announcement came after a first, digital, battle via twitter between Macron-Trudeau coalition and Trump over tariffs and trade. US allies are ready to fight against Trump’s decision to impose tariffs on imported steel and aluminium from EU, Canada and Mexico.
G7 summit starts on Friday, 8th of June, in Quebec, Canada. In fact, this summit seems more like a G6 + 1 summit than a G7 one. Experts predict that USA will be isolated as opposition against the States is almost unanimous. An escalating trade war is emerging, driving traders to invest on safe havens like gold and Swiss Franc.
There are five themes for this year’s summit:
Investing in growth that works for everyone
Preparing for jobs of the future
Advancing gender equality and women’s empowerment
Working together on climate change, oceans and clean energy
Building a more peaceful and secure world
MARKETS
The dollar around a three-week low against its major-traded rivals US Treasury yields fell steeply. This was its fourth straight session of losses ahead of next week’s major events: FOMC and Trump- Kim Jong-un meetings. However, the greenback remained unchanged at 109.710 Yen
The Australian Dollar moved lower 0.2% against US dollar after trade surplus data showing decline.
The Sterling steadied at $1.3415 as concerns over Brexit restricted gains, retreating from a 12-day high
The Euro traded flat recovering from 10-month lows as concerns over Italexit soften. Moreover, traders expect that ECB may decide during its next week policy meeting to start unwinding its massive bond purchasing programme.
Oil prices remained steady amid concerns over a fast fall in OPEC member Venezuela’s exports despite US output increase.
Sources: Reuters, Euronews, bbc.com
PLEASE NOTE The information above is not investment advice.