USD/CAD bounces off YTD low towards 1.3250 as Oil Price drops, US Dollar recovers amid sluggish markets – by anilpanchal7 USDCAD Oil Fed RiskAversion PMI
extends the previous day’s corrective bounce off the monthly low amid slightly downbeat sentiment and the hawkish Fed signals, while also ignoring the mixed US data flashed the previous day. With this, the greenback’s gauge versus the six major currency pair sticks to minor gains around 102.35. On the other hand, WTI crude oil sellers attack the $71.00 round figure while printing the first daily loss in seven.
Headlines surrounding multiple banks cutting China’s growth forecasts and fears of heavy Oil inflow from Iran, due to the likely US-Iran deal, appear to weigh on the WTI crude oil prices. The same joins Fed policymakers’ defense of the July rate hike concerns to weigh on the sentiment and the black gold, as well as favor the DXY.
Preliminary readings of the University of Michigan Consumer Sentiment Index for June improved but the US inflation expectations eased and tamed the US Dollar bulls. Even so, Fed policymakers have been hawkish of late and allowed the DXY to consolidate recent losses amid a sluggish start to another key week. It’s worth noting that the US Dollar Index dropped the most since early January in the last week.
It’s worth noting that the S&P500 Futures print mild losses while tracing Wall Street benchmarks whereas the yields remain lackluster, grinding higher of late.Chairman Powell’s bi-annual testimony, as well as PMIs for June, will also be important to watch for clear directions. Also important to watch are the latest outcomes of Canadian Industrial Production and Retail Sales.
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