USD/CAD retreats to 1.3000 on hawkish BOC bets, oil’s bounce, focus on Fed’s Powell, Canada inflation By anilpanchal7 USDCAD BOC Fed Riksbank Oil
“A Conference Board of Canada survey for May shows that 78% of Canadians expect inflation to exceed the Bank of Canada’s target of 2% over the next three years, up from 77% in April,” said Reuters. The survey results hint at the BOC’s further rate hikes amid a broad rush to tame inflation by the global central bankers.
While the US Industrial Production for May was softer, the Federal Reserve’s bi-annual Monetary Policy mentioned the appears to be on track to rise moderately in the second quarter, per Reuters. Considering the data, Fed speakers were more confident over their latest vote for a 0.75% rate hike. Among them was Minneapolis Fed President Niel Kashkari who backed another 75 bps rate hike in July.
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