1. The Bank of Canada released the Canadian Overnight Rate data, which came out in line with expectations of 1.75%.According to the official release: “Overall, recent data have reinforced Governing Council’s view that the slowdown in late 2018 and early 2019 was temporary. Overall, the statement doesn’t explicitly warn of rate hikes to come (that remains data dependent), but has an optimistic tone about what lies ahead, leaving the impression that the Bank sees the next move as a hike, if well down the road.
2. On Wednesday, the US banking service reported $60.7B in profits in this year’s Q1, marking a 8.7% or $4.9B jump from the previous year, according to the Federal Deposit Insurance Corporation. Good for USD.
3. On Wednesday, the Bank of Japan published its biggest annual profits in two decades. The bank made two trillion yen. Good For YEN.
4. The French consumer price index fell more than estimated in May to the lowest level in about two years of 1.1%, .Disturbing for the EURO as ECB already said that it has no issue in changing the inflation targets.
5. China announced on Wednesday it is ready to hit back at the United States with rare earth amid their almost a year-long trade war, escalating tensions between the two largest economies in the world. This will continue RISK AVERSION and empower the Safe Heaven Currencies ( Long in JPY & CHF).