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Greg Gibbs, Founder, Analyst, & PM, Amplifying Global FX Capital Pty Ltd, an Australian financial services company explained that the recent news reports suggest that the Trump administration may be looking to cool its trade rhetoric towards Europe and NAFTA, while trade tensions with China remain high and may increase further.  

Key Quotes:

“European automaker share prices recovered significantly from beaten-down levels, while the Chinese share market and Asian equities more generally remain relatively weak.”

“This may tend to support the EUR and CAD while keeping Asian currencies under pressure.”

“The Bank of Canada appears set to proceed with its fourth hike this cycle next week and its labor report on Friday should remain upbeat.”