Canadian Dollar Futures Market News and Commentary
The dollar index (DXY00) on Wednesday fell by -1.29%. The dollar Wednesday fell back from a 20-year high and posted sharp losses. A plunge in T-note yields Wednesday undercut the dollar after the 10-year T-note yield dropped -25.2 bp to 3.693%. Also, a rally in stocks Wednesday curbed the liquidity demand for the dollar.
The dollar Wednesday initially rallied to a 20-yer high in overnight trading on comments from White House Economic Council Director Deese, who said he doesn't expect another 1985 Plaza Accord type agreement among major economies to counter the dollar's strength.
U.S. economic news Wednesday was mixed for the dollar. On the positive side, the Aug advance goods trade balance deficit of -$87.3 billion was narrower than expectations of -$89.0 billion and the smallest deficit in 10 months, which was positive for U.S. GDP figures. Conversely, Aug pending home sales fell -2.0% m/m, weaker than expectations of -1.5% m/m.
Meanwhile, Aug wholesale inv... Read more