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Loonie hits new 14-month high against greenback

Published July 24, 2017
  • Upbeat domestic data strengthens loonie to 14-month highs against its broadly weaker American counterpart
  • USD flounders around 13-month lows against a basket of the other majors today, pressured lower by ongoing concerns over political turmoil in Washington
  • EUR eased back to 1.1641 against the USD, after inching up earlier to a 23-month high of 1.1684
  • Saudi Arabia will limit oil exports to 6.6 million barrels per day in August. This announcement comes after OPEC and non-OPEC producers met in Russia to discuss compliance with the cartel’s deal to cut production. The oil ministers made no major changes to their wider supply agreement, stopping short of capping output of Libya and Nigeria
  • The FOMC meets in Washington on Wednesday. Expectations for any significant change to the Fed’s accommodative policy stance are very low. The FOMC may take advantage of the USD sell-off to take a more hawkish stance