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Risk assets are taking a sharp turn higher on Tuesday as fears of both a global trade war thanks to US President Donald Trump's aluminum and steel tariffs and nuclear war on the Korea peninsula have receded. The US Congress is considering legislation to block the Trump tariffs, which haven't even officially been announced yet, with President Trump himself meeting with manufacturing representatives (who are against the tariffs) on Thursday. Meanwhile, reports that North Korea is willing to denuclearize in order to secure the safety of the Kim regime have proven to provide enough hope of peace that traders are ditching the Japanese Yen, Swiss Franc, and US Dollar.
DailyFX Economic Calendar : Tuesday, March 6, 2018 - North American Releases
The North American economic calendar is quiet on Tuesday, with no 'high' importance data releases scheduled. However, after another strong US ISM Manufacturing survey on Friday, traders' attention will be drawn to the dueling "orders" releases at 10 EST/15 GMT today: January Factory Orders and the final January Durable Goods Orders. Currently, the Atlanta Fed GDPNow Q1'18 forecast calls for growth of +3.5% annualized; the next update is due out tomorrow. Given the lighter calendar today, the news wire remains the most potent source of event risk.
DailyFX Webinar Calendar : Tuesday, March 6, 2018
Five Things Traders are Reading
- "US Dollar, Japanese Yen Sink as 'Risk On' Sentiment Surges" by Christopher Vecchio, CFA, Senior Currency Strategist
- "Chart Outlook for Gold, Crude Oil, S&P 500, DAX & More" by Paul Robinson, Market Analyst
- "Market Confidence Improves as Trade War Fears Recede" by Martin Essex, MSTA, Analyst and Editor
- "EUR Stable Ahead of Possible 'Tweak' of ECB Forward Guidance" by Martin Essex, MSTA, Analyst and Editor
- "CoT: Large Speculators Turn Net-Short Silver for First Time Since 2003" by Paul Robinson, Market Analyst
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