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USD rebounds this morning after positioning washout yesterday

Posted on: October 12, 2017

It was a very quiet session ahead of the US Fed September meeting minutes yesterday, as little in the way of new information was expected. That turned out to be true for the most part, with one exception being the comment that many members were concerned about low inflation being more permanent than transitory. With little else to latch onto yesterday, the market focused on this and USD was sold off against the crosses. USDCAD took a run at support around 1.2440 before bouncing off the level earlier this morning.

Not much on the calendar today, as US PPI came in a little better than expected while Canadian housing numbers missed expectations slightly. Later this morning we will get crude inventory numbers which can certainly add some noise to Funds. Of all the panels today the one involving Governor Powell from the US Fed and Mario Draghi from the ECB has the most potential to bring any monetary policy discussion. US CPI looms large on the calendar tomorrow, with support continuing to sit around 1.2420 and again at 1.2390 and resistance coming in around 1.2570/80.

Looking across the G10 currencies, it is the Pound that is lagging behind this morning after comments by the EU’s Chief Negotiator that they are in a deadlock with regards to the UK’s exit penalty. Little progress has been made ahead of the EU Leaders Summit next week, and rumors of an extension of Article 50 are starting to form.

  • Yesterday's NA 1.2453 - 1.2518
  • Asia 1.2433 - 1.2462
  • London 1.2435 - 1.2491


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