U.S. Dollar/Canadian Dollar (^USDCAD)
U.S. Dollar/Canadian Dollar Futures Market News and Commentary
The dollar index (DXY00) on Wednesday rose by +0.20%. The dollar added to its week-long surge on Wednesday and posted a new 13-month high. The dollar continues to benefit from carryover support from last Wednesday, when the FOMC’s hawkish stance suggested higher interest rates later this year.  The dollar fell back from its best level after May’s new home sales unexpectedly fell to a 4-month low.
The US Q1 current account balance was -$225.8 billion, a larger deficit than the -$208.9 billion expected.
US May new home sales unexpectedly fell -7.3% m/m to a 4-month low of 580,000, weaker than expectations of an increase to 640,000.
The swaps markets are discounting the odds at 34% for a +25 bp rate cut hike at the next FOMC meeting on July 28-29.
EUR/USD (^EURUSD) fell by -0.25% on Wednesday and posted a fresh 1-year low. The dollar’s strength on Wednesday weighed on the euro. Also, the euro is falling amid negative carryover from Monday, after ECB Presiden... Read more
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