USD/CAD juggles around 1.3540 despite a sell-off in USD Index and a recovery in oil price – by Sagar_Dua24 USDCAD Fed BOC Oil Inflation
S&P500 futures ended Monday’s session on a flat-to-positive note after recovering overnight losses, indicating a cautionary approach in the overall positive market mood. Investors have decided to remain on the sidelines till the release of quarterly earnings from giant tech companies. The US Dollar Index showed a perpendicular decline after surrendering the crucial support of 101.63.
A sell-off move in the USD Index also weighed on US Treasury yields. The demand for US government bonds rebounded as rising odds of only one more rate hike left by the Federal Reserve eased cautious market sentiment. The yields offered on 10-year US Treasury bonds dropped below 3.50%.by 25 basis points, on what they believe will most likely be the last rate hike in this tightening cycle. They point out that incoming data indicate that inflationary pressures remain acute.
Meanwhile, the Canadian Dollar is facing immense pressure as Bank of Canada Governor Tiff Macklem seems not interested in raising interest rates further as inflationary pressures are consistently declining. However,On the oil front, oil prices showed a decent recovery backed by a sell-off in the USD Index and growing optimism that China’s May Day holiday will increase travel and fuel demand.
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