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USD weakens as Fed minutes offer little of interest

Posted on: January 05, 2017

Just like the Bruce Springsteen song, USDCAD was Born to Run stops yesterday, as a position squeeze sent the market tumbling from an overnight high on Tuesday of 1.3457 down to an overnight low last night of 1.3255. A combination of USD weakness, especially against the EUR, CNH, and JPY as well as oil strength caused CAD to appreciate, testing the 100-day moving average.

The big news this morning is that Banxico, the Mexican Central Bank, is going to intervene in the market to slow the slaughter of the Peso. The Peso hit fresh lows yesterday as Ford announcing the cancelation of a plant in Mexico, instead choosing to invest in the US. On the data front, this morning ADP employment in the US came in below consensus, which could point to a Non-Farm Payroll miss tomorrow. Canadian employment numbers will also be interesting to watch given the rebound in oil. Initial Jobless Claims also came in below consensus.

  • Yesterday’s NA Range 1.3282– 1.3348
  • Asia Overnight Range 1.3255 – 1.3313
  • London Overnight Range 1.3276– 1.3313

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