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USD slides ahead of Yellen remarks

Posted on: October 04, 2017

The shine was off the USD overnight ahead of ADP employment numbers and the remarks by US Fed Chair Janet Yellen this afternoon. Rumors that Trump may prefer a more dovish Fed Chair sparked some USD selling overnight. After US 2-year yields took a peek above 1.50% to start the week we same seen a retracement as the focus turns again to the situation in Puerto Rico instead of Trump’s Tax plan. USDCAD slid back into a 1.24 handle where it remains at the time of writing while USDJPY has given up 113 for the moment.

This morning ADP employment numbers in the US came in right on the screws which was supportive for the USD as the market was certainly worried about a disappointment due to hurricane disruptions. Another thing to watch on a relatively quiet morning will be EIA crude numbers. With oil hovering back around $50 a smaller than expected draw or another large gasoline build could see another test and CAD give back some of its gains. On the USDCAD charts 1.2410/20 remains an important level on the downside while 1.2540 has put a ceiling on the top of the correction for now. I would expect to maintain this range ahead of Yellen’s remarks at 1:15pm at which point we may see some additional volatility.

  • Yesterday's NA 1.2481 - 1.2526
  • Asia 1.2458 - 1.2495
  • London 1.2449 - 1.2483


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