USDCAD bears move in again, capping upside breakout attempts – by fx_ross USDCAD Commodities DollarIndex CPI
, , and midterm elections from the US vs. prospects of heightened risk appetite.
The focus will also be on US inflation data, CPI, for October, due to be released on Thursday, for clues on whether the US Federal Reserve's rapid interest rate hikes are helping cool down the economy. Traders are now betting on 61% odds of a 50-basis point rate hike at the US central bank's meeting in December. Meanwhile, investor sentiment recovered in Asia and London following an initial opening gap in the forex space. The Hang Seng China Enterprise index in Hong Kong rose 2.
Nevertheless, Kinger Lau, chief China equity strategist at Goldman Sachs, wrote in a note that China may start to reopen in the second quarter of next year and that a full reopening may drive a 20% upside for the nation’s. Such sentiment has been a weight on the US dollar and positive for high-beta currencies such as the Canadian dollar.
Additionally, four Federal Reserve policymakers on Friday indicated they would consider a smaller interest rate hike at their next policy meeting, sounding less hawkish than Chair. There are several Fed officials that are scheduled to speak this week as well. Markets are now narrowly leaning toward a half-point rate hike next month to 4.25-4.5% which can support CAD vs. the US Dollar.
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