U.S. Dollar/Canadian Dollar (^USDCAD)
U.S. Dollar/Canadian Dollar Futures Market News and Commentary
The dollar index (DXY00) today is down by -0.11%. The dollar is under pressure today amid a -4% plunge in crude oil prices to a 5-week low, which lowers inflation expectations and may prompt the Fed to ease monetary policy, a negative factor for the dollar. Also, today’s rally in the Chinese yuan to a 3.25-year high is weighing on the dollar. The dollar recovered from its worst level after the May Richmond Fed manufacturing survey of current conditions rose more than expected to a 4.5-year high.
The US May Richmond Fed manufacturing survey of current conditions rose +10 to a 4.5-year high of 13. stronger than expectations of 4.
Swaps markets are discounting the odds at 2% for a 25 bp rate cut at the next FOMC meeting on June 16-17.
EUR/USD (^EURUSD) rose to a 1-week high today and is up by +0.15%. Hawkish ECB comments today supported the euro after ECB Governing Council member Yannis Stournaras said, “The likeliest outcome is an ECB interest rate hike in June.”... Read more
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