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USD gains ahead of FOMC minutes

Posted on: July 05, 2017

Oil strength helped CAD gain more ground on Tuesday, with USDCAD making new lows not seen since September of 2016. WTI poked its head above $47 briefly before retreating back to a $46 handle. Overnight, North Korea dominated the headlines as they launched another ballistic missile yesterday, with some saying it was an ICBM and has the capability to reach US soil. USDJPY sold off on the launch but has retraced on broad USD strength.

This morning USDCAD has rebounded moderately as the greenback trades firmer against most of the crosses, and WTI retreats a little as participants take some profit ahead of tomorrow’s EIA inventory number. Moreover, increasing pessimism of Russian officials indicating more cuts in the near future are sending the wrong message to markets.

Fairly light calendar in terms of data with most of the attention focused on the Fed minutes from the June meeting. Participants will be looking for any small hints regarding the timing, size of any balance sheet reductions and any degree of uncertainty that FOMC members have about the recent soft inflation data. Such uncertainty is also driven by financial market instability, where there could be a reference to record high equity valuations and concerns over auto loans, student loans and commercial real estate.

  • Yesterday’s NA Range 1.2913 – 1.2981
  • Asia 1.2929 – 1.2945
  • London 1.2935 – 1.2974


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