Market Recap – EU budget

EU leaders are gathering in Brussels to discuss on the EU budget. The exercise gets hard, as the budget will be short of UK’s contributions (-€70bn over the next 5 years). I quick decision seems unlikely. Rebates enjoyed by some countries, different thinking of net payers and net receivers, finding funds for farmers, infrastructure & defense is a hard exercise to solve. Yet, a quick decision could be a good reason for a EURUSD rebound. EURUSD is currently trading between the gap formed when Emmanuel Macron won the first round of 2017 French Presidential elections.

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Democrats  grilled Michael Bloomberg on yesterday’s debate, over his refusal to release former employees from nondisclosure agreements. Some of his former employees are women accusing him for sexual harassment. He replied by giving hard numbers on percentage of women working at his organization.

Following last year’s fatal shooting by a far-right supremacist in New Zealand, yesterday a similar mass shooting occurred in Hanau, Germany. The man suspected was later found dead at his apartment together with another dead body.

Macro releases: Both the Canadian and the British inflation readings were higher than expected. Earlier today, Australia reported a cooling labor market with unemployment rate raising to 5.3% and monthly employment change falling to 13.5K. Today’s economic calendar includes the European Consumer Confidence, the US crude oil inventories and the UK’s retail sales.

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