USD/CAD flat-lines below 1.3600 mark as sliding Oil prices offset modest USD weakness – by hareshmenghani USDCAD Bonds Fed Inflation Currencies
manage to rebound a few pips in the last hour and currently trade just below the 1.3600 mark, nearing unchanged for the day. pulls back from its highest level since mid-March touched earlier this Tuesday amid a sharp intraday slide in the US Treasury bond yields and turns out to be a key factor acting as a headwind for the USD/CAD pair.
In fact, the current market pricing indicates a greater chance of another 25 bps lift-off at the June FOMC policy meeting and the bets were reaffirmed by the recent hawkish remarks by a slew of influentialofficials. Adding to this, the stronger US Core PCE Price Index released on Friday pointed to sticky inflation, which should allow the US central bank to maintain its hawkish stance and continue raising interest rates.
Apart from this, the prevalent cautious market mood supports prospects for the emergence of some dip-buying around the USD. Investors remain concerned about slowing global economic growth, which, along with fresh US-China tensions, overshadows the latest optimism over a tentative deal to suspend the US government's $31.4 trillion debt ceiling until January 2025 and avert an unprecedented American default.
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