US-CHINA: Lutnick Included In Trump's Team For Next Round Of China Trade Talks

MNI speaks to former director of the Fed Board's division of monetary affairs William English.-- On MNI Policy MainWire now, for more details please contact sales@marketnews.com

• Bearish technical conditions have re-asserted themselves in USD/Scandi crosses this afternoon, with USDSEK down 0.9% and USDNOK down 1.0% at typing. Key support in USDSEK is 9.4704 (April 22 low) while 10.1920 (April 3 low) is eyed in USDNOK.
• Broader dollar weakness, linked in part to today's rally in front-end USD rates, appears to lent support to the Scandis today, with few other obvious fundamental catalysts to note. Today’s 4% recovery in Brent crude futures may have provided an additional tailwind to the NOK, but NOKSEK is only up 0.15% today.
• Swedish April flash inflation is due tomorrow morning (0700BST/0800CET). The Riksbank projects CPIF ex-energy at 3.15% Y/Y (vs 2.97% prior), but analyst consensus is skewed towards a firmer reading (5 analysts see 3.2%, 5 see 3.3%).
• Some analysts suggest that “Easter effects” may push core inflation higher in April (similar to what was seen in the Eurozone), with the volatile package holidays component likely to be a notable upside driver. However, this information won’t be available in the flash release.
• Barring a major surprise in either direction, the data shouldn’t impact Thursday’s Riksbank decision (the Executive Board meeting is tomorrow). MNI’s full preview is here.
• Our Norges Bank preview, also released today, is here,

US President Donald Trump is shortly due to meet with Canadian Prime Minister Mark Carney at the White House for a first meeting between the pair since Carney's Liberal Party retained government control at last month's federal elections. LIVESTREAM 

• There will be significant focus on comments by the two leaders at a press spray before today's bilateral meeting and working lunch. Carney has positioned himself atop a group of countries firmly pushing back against Trump's hardline trade agenda. His political experience is likely to lead to a more restrained Oval Office meeting, with difficult negotiations pushed into a closed-door setting.
• The New York Times notes that Carney, "faces an unenviable balancing act. Canadians who took a chance on him will expect him to push back on Mr. Trump’s belittling and threatening rhetoric against Canada, as he promised he would."
• "But he will also need to avoid openly antagonizing Mr. Trump in their working luncheon or in front of journalists in the Oval Office photo opportunity that will follow."