The US dollar is pulled back as the new week gets going. Soft inflation data from the Michigan sentiment survey and earlier CPI and PPI misses have accounted for some of this flow.
Despite the Israel–Iran conflict escalating with Israeli strikes on Tehran and Iranian missile attacks—including one damaging the US embassy in Tel Aviv—markets remain skeptical about significant disruptions to global oil supply chains, with oil prices peaking at $78.50 per barrel.
Strong Canadian housing data and upcoming US Empire manufacturing figures are now in focus. Earlier today, we got a bag of mixed Chinese economic data showing robust retail sales but weaker industrial production and falling home prices.
Elsewhere, the ECB signaled flexibility on interest rates as inflation nears its 2% target, while President Trump pushed for expanded migrant deportations and French President Macron offered security support for Greenland.
Finally, Japan’s finance ministry emphasized stable government bond markets ahead of key investor talks.
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