Crucial week ahead

Crucial week ahead

Talks on a deal to end the US trade war with China will continue this week but markets still believe that a deal will be found, the question is more when it will be signed. According to the latest employment data, US businesses added 196,000 jobs in March, bouncing back from a sharp drop in February. This means that the US economy has now seen the longest streak of job creation on record, a total of 102 months in a row. Another record is the unemployment rate hitting lows unseen since the late 1960s, at 3.8 per cent. Despite these figures, the greenback declined against most currencies during early-day trading today, mainly due to the growing geopolitical tensions in Libya and the President’s comments about the Mexican border, pushing investors towards the Japanese Yen (JPY) and Gold.
It’s also a crucial week that starts in the UK as we should know by Friday whether Brexit will happen or be delayed, potentially for a long time. Britain is due to leave the EU on Friday at 11pm but the consensus is for a very soft Brexit, i.e. an extension. In a video posted yesterday, the UK Prime Minister stated that Britain’s choice was to either “leave the European Union with a deal or not leave at all”, with no mention of a no-deal. She will restart Brexit talks with opposition leader Jeremy Corbyn in order to find a compromise deal that she can present to EU leaders at the summit this week. Meanwhile, the pound remains stable around the 1.16 level and investors await for further developments.

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