Global equities surged to open the new trading week, as the storm over Labour Statistics blew over in the US, while trade tariff levels were also digested. The market turmoil from last week has dissipated and focus now turns to digesting the new global trade environment. The big loser in Europe is Switzerland, but no doubt this situation can be resolved. Canada is urgently seeking renegotiations and is not in a good place. The other focus this week, apart from trade data, will be the Bank of England. The UK Central Bank is expected to cut rates, and begin the easing process, to stimulate the economy. The EUR slipped back below 1.1600, while the GBP dropped under 1.3300, ahead of the BoE IRD.Commodity currencies remain vulnerable, with the AUD trading under 0.6450, while the NZD looks to hold around 0.5900. Local markets will be watching Australian Job Ad statistics and NZ Commodity Prices today. It is a relatively quiet global economic data week, but there will be action, probably from the US administration. Pressure builds on the Federal Reserve Chairman.
