Centrist Macron win in first round alleviates French election worries | IFCM Brasil
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Centrist Macron win in first round alleviates French election worries

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Hello dear traders, let us see how markets evolved in the past week. US stocks advanced while the US dollar edged lower last week. Stocks rose on Monday despite weak economic data: the Empire State manufacturing survey showed the gauge of manufacturing activity in the New York area fell to 5.2 in April, down from a two-year high of 16.4 in March.

The US dollar index slipped. European stocks fell on Tuesday after UK Prime Minister Theresa May unexpectedly called an early general election. Both the euro and British Pound surged against the dollar. US stocks closed lower on Tuesday after results of earnings reports of a number of major companies fell short of expectations. No significant economic news came out on Tuesday. President Trump signed an executive order that will promote the purchase of US-made products and make it more difficult for foreign workers to obtain working visas. Economic data were negative too: housing starts fell 6.8% in March, as did manufacturing production for the first time since last August.

The US dollar advanced on Wednesday after Treasury Secretary Mnuchin’s comment President Donald Trump is “absolutely not” trying to talk down the greenback. US broad market inched lower as energy shares declined with a drop in oil prices. European stocks rose with the rebound in bank stocks outweighing losses in energy shares as UK parliament approved Prime Minister May’s call to hold a snap election on June 8.

The next day, on Thursday, US stock indices advanced on stronger than expected corporate earnings reports and economic data. Treasury Secretary Mnuchin, speaking at an Institute of International Finance conference, said a Trump tax bill was likely to be unveiled in the near future, alleviating fears no much progress can be expected with the tax cuts promised by the president after the Republicans failed to vote on the American Health Care Act last month.

US stocks edged lower on Friday, but managed to record their largest weekly gain in two months as President Donald Trump said he would soon release his long-anticipated tax-reform plan. European stocks ended lower on Friday after terrorist attack in Paris elevated election uncertainty ahead of Sunday’s first round of presidential election in France.

Not much economic data are due this week as investors anticipate unveiling of president Trump’s tax cut plan this Wednesday. Two major central banks will be meeting this week on Thursday: the European Central Bank and the Bank of Japan. No changes in policies are expected. The first quarter US GDP and consumer confidence index from the Michigan University will come out on Friday. This was all for the week, happy trading and see you next week.

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