 Dollar suffers fresh selling entering into US session, in particular against Euro and Swiss Franc. Two former campaign advisers of Trump, campaign manager Paul Manafort and personal lawyer Michael Cohen are found guilty on a range of charges. More importantly, Cohen's attorney Lanny Davis said in a statement that Cohen "stood up and testified under oath that Donald Trump directed him to commit a crime by making payments to two women for the principal purpose of influencing an election." Additionally, Davis told MSNBC that Cohen has knowledge, regarding Trump, about the possibility of a "conspiracy to collude and corrupt the American democracy system in the 2016 election". Davis said Cohen would be willing to tell Mueller. At the time of writing, Dollar is trading as the second weakest one, just better than Australian Dollar for the day. Euro and Swiss Franc are the strongest ones, followed by Canadian and New Zealand Dollar. US-China trade talk will resume in Washington today. But given that the involved officials are rather low leveled, there is no much anticipation for the meeting. FOMC minutes will also be a focus. But that was a meeting where Fed kept policy unchanged and the statement revealed nothing new. We are not expecting anything drastic from the today's minutes release. Fed is in no doubt on track for two more rate hikes this year. Released from Canada, release sales dropped -0.2% mom in June, ex-auto sales dropped -0.1% mom. The data are not too far from market expectations. The Canadian Dollar will look into the NAFTA meeting between the US and Mexico today. There are rumors that a bilateral deal could be announced as soon as on Thursday. But at this year, there is no concrete information yet. Canada is still waiting for the door to open to rejoin the supposed trilateral negotiations. |
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