Assets Slashed as North America Awaits Data
By Adam Smith, Corporate FX Dealer | May 30, 2012 9:10 PM IST
With Europe rattling markets and the rush to dollars, traders have dragged down Brent Crude to cap-off what looks to be its worst performance in two years. A strong US dollar makes commodities priced in USD more expensive for holders of other currencies. Prices eased 0.34 cents to below the $107 mark as continued Iranian tensions have lent additional strain. In North America, prices of West Texas Intermediate are on course for a 13% decline this month, falling below the $90 mark.
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The shift away from risk tolerance as a result of overseas markets is apparent. Domestically, however, we are in for week that ends loaded with data releases that markets will be watching closely. Canada's Trade Balance number will be released tomorrow and the ever-important GDP will be seen on Friday. In the US, Thursday will give us ADP Non-Farm Payrolls, Weekly Unemployment Claims, and preliminary Q/Q GDP data. Not to disappoint, Friday will see Non-Farm Payroll changes and the Unemployment Rate, both always heavily scrutinized.
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