USD/CAD trims a part of intraday gains, remains below 1.3700 ahead of Canadian CPI – by hareshmenghani USDCAD Recession Fed Inflation Currencies
the European session. Spot prices, however, struggle to capitalize on the move and retreat a few pips from the 1.3700 neighbourhood, or a fresh daily high touched in the last hour.come under some renewed selling pressure and languish just above a 15-month low touched the previous day amid worries that a deeper global economic downturn will dent fuel demand.
The news that UBS will rescue Credit Suisse in a $3.24 billion deal helps ease fears of widespread contagion risk and boosts investors' confidence, which is evident from a generally positive tone around the equity markets. Apart from this, expectations that the Federal Reserve will soften its hawkish stance to prevent any further economic pressure from high borrowing costs further contribute to capping the safe-haven Greenback.
Market participants also expect that the US central bank might even cut rates during the second half of the year. The speculations were fueled by the collapse of two mid-size US banks - Silicon Valley Bank and Signature Bank. This, in turn, should act as a headwind for the US bond yields and might hold back traders from placing aggressive bullish bets ahead of the key central bank event risk.
In the meantime, traders on Tuesday will take cues from the release of the latest Canadian consumer inflation figures, due later during the early North American session. The data, along with Oil price dynamics, will influence the Canadian Dollar and provide some impetus to
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