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I Won't Back Down

Dean Popplewell profile picture
Dean Popplewell

By Stephen Innes

While the markets get distracted by Central Bank discourse and Friday's crucial NFP report, the tariff story continues to linger over the market like the foul smell of rotten eggs as the day of reckoning nears for the release of the official tariff details. Given the overwhelmingly negative response from industry leaders, international financial markets and even the furious backlash from loyal members of Trump's administration, there is growing optimism that perhaps significant exemptions will be forthcoming. The ink has not dried on the tariff bill, so investors remain guardedly optimistic.

US equity market rose Monday as investors' apprehension about the impending global trade war has tempered hoping for a diplomatic solution, and at the minimum, a process would be in place for businesses to get exemptions from the White House. However, expecting for cooler heads to prevail might be far too optimistic given that President Trump promoted reforms of U.S. trade policies as a cornerstone of his election campaign and it's challenging to envision him back down.

With traders eyeing NAFTA headlines and extrapolating possibility of steel tariff, the latest round of talks made little progress and negotiations remain fractured as political headwinds build.

Oil Markets

Oil prices moved significantly higher overnight following reports of a drop in crude inventories at the prominent US Cushing Oklahoma storage facility with WTI chalking up its most significant days since Feb 14.

Also, lingering optimism that the CERAWeek by IHS Market conference could generate some production consensus, but with the trade war rhetoric filling the air suggesting little compliance from the Shale elements, the risk will be a two-way street subject to the outcome of the meeting.

Still, the upswing in US Shale production estimates continues to soar as the International Energy Agency suggested that the U.S. would become the world's

This article was written by

Dean Popplewell profile picture
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.

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Comments (3)

07 Mar. 2018
Hate reading these articles . Full of fear and panic
fzr100098 profile picture
Inspired by the late Tom Petty
I don't understand the taxes of gld or can itemized. My only upside would to buy gold maple leafs. :D Except I got no safe.
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