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FOREX: Equities finish on a bad note
- Stocks concluded the week on a resoundingly negative note, with US & UK
indices in full retreat mode on the ratcheting higher (again) of tensions
between the US and China. The pull lower in equities helped keep the likes of
CHF and JPY supported throughout, although the EUR joined the havens in
rallying, shifting the technical outlook in EUR/USD overtly bullish.
- CAD underperformed on the appointment of the new Bank of Canada governor Tiff
Macklem. Macklem's appointment was slightly outside of expectations, but markets
only began to move when he stated that negative interest rates are in the BoC's
toolkit - despite Poloz previously saying their current 0.25% is the effective
lower bound.
- In the coming week, earnings season continues, with Walt Disney, General
Motors and Berkshire Hathaway all still to come. Central bank rate decisions are
also due from Australia, Brazil, the UK, Norway and Malaysia. On the data front,
the April nonfarm payrolls report takes focus, with the unemployment rate
expected to surge to 16% - the highest on record.

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