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Canadian Dollar Continues to Rise; USD Falters Ahead of FOMC
Published June 14, 2017
The Canadian dollar is up this morning as USD falls against other major currencies following the release of downbeat US economic reports
With the US Federal Reserve widely expected (96%) to raise interest rates by a quarter point to a range between 1.0%-1.25%, the focus will be on clues to the pace of further tightening in the months to come
All eyes are on Fed Chair Janet Yellen’s press conference, looking for clarity on whether the Fed is planning its next move for another rate hike or for a cycle of policy normalization
Oil prices moved lower today after yesterday’s release by the American Petroleum Institute (API); US oil inventories rose by 2.753 million barrels, above the 2.739 million barrel decline expected
Pound Sterling is down on the day after the UK released data showing unemployment remaining at a 42-year low; real wage increases continue to ease, widening the gap between earnings and inflation