US Durable Goods were released this morning with expectations for a lower reading of the previous 2.6% Goods data headlined at -1.7%, so the consensus was correct. We also have UofM consumers sentiment figures released at 10 am the forecast is at 99 slightly above the previous reading of 98.8.
The dollar dropped on Thursday after U.S president Trump called off the historic June 12 summit in Singapore with North Korean leader Kim Jong Un, the meeting would have been its first face-to-face between the two. In Trumps letter addressed to “His Excellency” he wrote “Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting”. Adding “Your talk of nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used”. The meeting cancellation grabbed the headlines but the China trade war is also getting some attention; the “risk off” nature of trading was further compounded yesterday morning as President Trump announced he was opening an investigation on U.S. auto tariffs.
Central Bankers are at the forefront today with the ECB’s Benoit Coeure speaking, BoE Governor Mark Carney, FOMC member Powell, Fed President Evans, and finally, FOMC members Raphael Bostic and Robert Kaplan rounding off the speeches. So with so many central bank talking heads, there could be market reaction on currency pairs.