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“Cautiously Optimistic” Rally in USD; BOC Approaches Rates Tactfully

Published April 23, 2018
  • The US is seeking a trade truce with China as Steve Mnuchin considers a trip East. Mnuchin added that he is “cautiously optimistic” that a deal could be reached, of which the Chinese Ministry of Commerce reiterated.
  • The yield on the US 10-Year Treasury Note is trading at a critical 2.995% this morning, as a week of economic data weighs heavily upon investors. An increased yield above 3.00% is viewed as a key indicator marking the end of the decades long bull market.
  • The USD has rallied early against major peers with a week of key indicators ahead, including debt supply, US manufacturing and services PMI’s, GDP and jobless claims.
  • Bank of Canada Governor Poloz is approaching rate hikes cautiously, as Canada’s inflation is rapidly rising with economic expansion nearing capacity.