Wednesday, June 20, 2018
The CAD is soft yet again and has pushed through a fresh one year low against the USD this morning. No fundamental releases again is leaving this weakness stemming from continued trade uncertainty and its effect on future potential BoC rate hikes. Crude oil inventories have just come in at a draw of 5.9M barrels compared with the expected draw of 2.1M.
The USD is mixed but relatively quiet in the aftermath of new proposed trade tariffs by President Trump. News was limited to Existing Home Sales which disappointed coming in below the 5.52M forecast at 5.43M. Fed Chair Powell also spoke this morning reiterating that the US economy is performing well and a gradual rate hike is supported by current conditions.
The EUR had a volatile trading day through the London session on comments from ECB members Villeroy and Nowotny. Momentum is still against the EUR after the sharp fall we saw last week. Trends and flows continue to be in the USD’s favor.
Equities are mostly up this morning: the Dow down 0.14%, the S&P up 0.11%, NASDAQ up 0.60% and the TSX up 0.58%. Crude Oil is up 1.05% this morning ($65.75) while Gold is down 0.03% ($1,274.29).
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