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USD weakens as Trump security advisor resigns

Posted on: February 14, 2017

The week kicked off with a quiet session yesterday, as a lack of data meant participants were once again focusing on the headlines. After meeting with the Japanese Prime Minister over the weekend, it was Justin Trudeau’s turn to meet with Trump yesterday. The meeting certainly appeared amicable, with both leaders touting the trade relationship between the two countries as a positive, with Trump suggesting that any changes to NAFTA impacting Canada will be “tweaks” while the changes with Mexico will be more wholesale. Another feather in the cap of those looking for another test below 1.3000. USDCAD grinded away in a 60-point range for the session with the lack of fireworks.

Overnight the USD has drifted lower against most of the crosses, as Trump’s National Security Advisor Michael Flynn Jr resigned amidst controversy over his Russian connections. The main exception is the Pound, as a weak CPI print has GBP sliding this morning.

This morning PPI south of the border came in better than expected. The only data point on the day, we look toward Yellen’s always "thrilling" semi-annual testimony to the Senate Banking Committee ahead of Retail Sales and CPI tomorrow.

  • Yesterday’s NA Range 1.3055 – 1.3115
  • Asia Overnight Range 1.3046 – 1.3077
  • London Overnight Range 1.3025 – 1.3058


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