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British Supreme Court rules parliament must approve trigger of Article 50

Posted on: January 24, 2017

USD selling was the name of the game yesterday, as Steve Mnuchin’s comments about a stronger dollar being a headwind to a stronger US economy ignited selling. USDCAD quickly tumbled to around 1.3220 while USDJPY found a 112 handle again. Overnight the big story was the UK Supreme Court ruling that UK Parliament must approve the triggering of Article 50 to separate from the EU. While not a huge surprise to the government, Teresa May did benefit from not having to consult the other parliaments of Scotland, Wales and Northern Ireland.

This morning the rumor is that Trump is planning executive orders to advance the Keystone XL pipeline and the Dakota Access pipeline, causing CAD to strengthen against the USD. On the data front, later this morning we have Manufacturing PMI and Existing Home Sales from south of the border.

  • Friday’s NA Range 1.3222 – 1.3335
  • Asia Overnight Range 1.3213 – 1.3269
  • London Overnight Range 1.3207 – 1.3299

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