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Market participants look ahead to Jackson Hole event

Posted on: August 21, 2017

After a bit more excitement than anticipated in currency markets on Friday, this week is off to a quieter start. A decent Canadian CPI print generated downward momentum in USDCAD that saw the market take another run at 1.2550 before support held. The Trump trade continues to wobble despite attempts by the administration to calm the markets by removing Steve Bannon on Friday.

Looking ahead to the rest of the week, it is a very light one in terms of data with the only major release in Canada being Retail Sales tomorrow. Otherwise, expect to CAD to be dragged around by the crosses and the usual suspects like oil. One additional wrinkle this week will be the summit of Central Bankers in Jackson Hole, with both Draghi and Yellen expected to speak. This will likely be the markets focus this week as participants look for extra cues for both central banks to peruse a tightening stance. Sentiment has been slightly elevated as comments from Fed's William Dudley (dove) claims he supports another hike this year if the economy evolves towards expectations.

In other news, the US and South Korea are scheduled for their annual joint-military exercise. North Korea has already condemned the act, despite the fact that these drills have been long planned. An unwarranted response from NK could promote further risk aversion.

  • Friday's NA 1.2557 - 1.2667
  • Asia 1.2565 - 1.2602
  • London 1.2568 - 1.2607


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