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USD buying returns overnight as US yields break higher

Posted on: January 26, 2017

The Canadian dollar enjoyed gains yesterday, as broad USD weakness remained. As a colleague so eloquently described, the theme could be summed up quite simply as: risk-on, baby! The Dow finally broke above 20,000 while the S&P 500 Index continues to cruise toward 2,300. USDCAD grinded lower before finding some support just above 1.3050.

Overnight, UK GDP came in slightly better than expected. USD was bid, although not aggressively as ranges were tight against most crosses. After strengthening the past few sessions, MXN is weakening off again as the meeting between Trump and the Mexican Prime Minister appears to be in jeopardy over a disagreement on who will pay for the border wall.

This morning the US data was mixed, with the Trade Balance coming in on the screws while Initial Jobless Claims were higher than expected and Wholesale Inventories came in better than expected. Later this morning we also have New Home Sales, with tomorrow bringing GDP and Durable Goods.

  • Yesterday’s NA Range 1.3061 – 1.3132
  • Asia Overnight Range 1.3054 – 1.3094
  • London Overnight Range 1.3078 – 1.3131

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