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USD/CAD Moves Higher ahead of Yellen Speech; Oil Prices Steady after Large Gains

Published September 26, 2017
  • Federal Reserve Chair Janet Yellen is set to deliver a speech titled “Inflation, Uncertainty, and Monetary Policy” today at 12:45 PM EST in Cleveland, Ohio; investors will keenly watch for fresh clues Yellen’s comments on the direction of US monetary policy
  • Cleveland Fed President Loretta Mester and Governor Lael Brainard will also speak throughout the day; interest rate futures are currently pricing a 70% chance of a rate hike from the Fed in December
  • USD/CAD has moved to the high 1.2300’s due to this increased optimism in the US economy; sluggish NAFTA talks and higher oil prices are also creating volatility in the USD/CAD rate
  • Oil prices dipped this morning after a very strong surge yesterday brought on by renewed signs that the market is starting to rebalance; prices have gained nearly 20% from their lows in June, which indicates that oil prices are now in a bullish market
  • Global stocks were mixed this morning after the North Korean foreign minister said that President Donald Trump had declared war on their nation, while threatening to shoot down US bombers if necessary; White House spokesperson Sahar Saunders denied this claim, calling the insinuation absurd
  • French President Emmanuel Macron will speak in Paris at 9:00 AM EST to discuss ambitious new reforms for a more integrated Europe; Macron is expected to detail a separate budget, finance ministry and a European monetary fund for the Eurozone while encouraging deeper ties between EU member states