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The trade deficit in July widened to the most in more than five years, reaching $18 billion compared with $16.6 billion in the previous month.
Iron ore and copper telling two sides of one story
The Emirates NBD Research Economic Calendar for the week
With the RBNZ communicating a more dovish approach to monetary policy, the NZD has fallen to levels last seen in March 2016.
Indian trade deficit widens
Metals markets stay under pressure
FX Week: EUR, GBP and NZD fall while JPY outperforms
UK Inflation expected to hold steady
CAD outperforms as GBP and EUR fall
Chinese trade data released earlier also revealed a pattern of rising imports and exports, although the overall Chinese surplus narrowed from USD41bn in June to USD28bn in July.
German manufacturing orders for instance fell 4.0% m-o-m, much worse than expected.
GCC bond market highlights
MARKETS, SUKUK INDEX
In contrast to the Bank of England unanimously raising interest rates 25bps, taking the rate to the highest level since 2009, the pound has continued to feel the pain of Brexit uncertainties
The Emirates NBD Research Economic Calendar for the week commencing Sunday 5th August 2018 has been released.
Turkish Lira remains under pressure
Turkish Lira continues to rattle markets
GBPUSD remains under pressure
Non-farm payroll showing an increase in new jobs
Risks of US-EU trade war diminish
The US FOMC meeting left interest rates unchanged overnight as expected at 1.75-2.0%.
Eurozone GDP growth slowed to 0.3 percent q-o-q in Q2 from 0.4 percent q-o-q in Q1.
The BOJ made a few small technical changes to its monetary policy today. While it kept its 10-year JGB yield target at 0.0% and left its policy balance rate at -0.1%,
US Q2 GDP growth, released on Friday, expanded by 4.1% on an annualized basis broadly in line with consensus expectations but a little softer than some rumours had suggested.
Global equities closed marginally higher as positive investor sentiment was countered by fresh concerns over trade wars.
Regional oil dynamics may make NOCs cautious on scale of production increase.
The US is now close to moving ahead of Russia as the largest producer in the world.
But markets are likely to be supported by an uncertain political and economic outlook.
In June 2018, GCC equity markets rallied for a fourth consecutive month.
The UK government is under pressure to keep its Brexit strategy intact.
Global equities closed higher as investors shrugged off the reality of trade war and the possibility of more coming and preferred to concentrate on the Q2 2018 earnings season.
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