Canadian Dollar Sep '24 (D6U24)
Canadian Dollar Futures Market News and Commentary
The dollar index (DXY00) fell to a 2.5-month low on Wednesday and finished down by -0.45%. Optimism that a peace deal between the US and Iran is imminent weighed on safe-haven demand for the dollar on Wednesday. Also, Wednesday's -7% plunge in crude oil prices eases inflation expectations and could prompt the Fed to pursue a dovish, dollar-negative monetary policy. The dollar extended its losses on Wednesday after the US Apr ADP employment change was below expectations, a dovish factor for Fed policy. In addition, Wednesday's rally in the S&P 500 to a new record high has dampened liquidity demand for the dollar.Â
The dollar retreated on Wednesday after Axios reported that the US believes it's close to an agreement with Iran to end the nearly 10-week war. The US sees Iran responding within 48 hours to a one-page memorandum of understanding to end the war, which would include both sides lifting restrictions on the Strait of Hormuz.
The US Apr ADP employment change rose... Read more
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