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Oil Fuels CAD Strength with USD Lower Ahead of Fed Rate Decision

Published June 12, 2017
  • The Canadian dollar has gained ground against its US counterpart; USD/CAD down in late trading as upbeat domestic jobs data fueled expectations that the Bank of Canada could raise interest rates sooner than anticipated
  • The dollar has eased today ahead of the FOMC rate decision on Wednesday; the market odds of a June rate hike currently stand at 91.8%
  • A weak run of US inflation data has investors backing off bets that the Federal Reserve will meet its target of 3 interest rate hikes this year
  • The British pound has edged lower; British Prime Minister Theresa May will work to convince lawmakers from her Conservative Party that she should remain as leader
  • The euro was firm above $1.12 after the ECB last week lowered its inflation forecasts and tweaked its forward guidance
  • Oil prices pushed higher in North American trading on Monday after swinging between small gains and losses overnight; investors returned to the market to seek cheap valuations in the wake of recent losses
  • US stock futures point to a lower open on Wall Street this morning, with the technology sector on track for a second straight session of heavy losses
  • Global stock markets are in the red; sentiment took a hit following a slide in US technology shares late on Friday