Canadian Dollar Futures Market News and Commentary
The dollar index (DXY00) on Wednesday fell -0.467 (-0.50%). Dec euro-fx futures (E6Z0) closed up +0.0035 (+0.30%), and EUR/USD (^EURUSD) rose +0.0040 (+0.34%). Dec yen futures (J6Z0) closed up +0.0083 (+0.87%), and USD/JPY (^USDJPY) fell -0.96 (-0.91%).
The dollar index on Wednesday fell for the fourth consecutive session and posted a 1-1/2 month low. Speculation that U.S. lawmakers will pass a new pandemic stimulus bill is weighing on the dollar on concern that the additional stimulus spending will explode the U.S. budget deficit. EUR/USD climbed to a 1-month high Wednesday on dollar weakness, and USD/JPY tumbled to a 4-week low on hawkish BOJ comments.
The dollar retreated Wednesday on optimism U.S. lawmakers will agree on a Covid relief package. White House Chief of Staff Meadows said Wednesday that "the last 24 hours have moved the ball down the field," and the goal is "some kind of stimulus deal in the next 48 hours or so." Treasury Secretary Mnuchin and House Spe... Read more