![]() economic data, including inflation, knocked GBP/USD lower. The American Petroleum Institute said crude inventories rose 3.3 million barrels last week and Energy Information Aagency data is released today. West Texas Intermediate (WTI) prices dropped from $83.70/b to $82.20 in New York, weighed down by fears of rising U.S. The Canadian dollar continues to benefit from the rise in crude prices and predictions that the demand/supply imbalance will continue into Q1 2022. Weaker-than-expected results would drive the Canadian dollar lower. The Canadian dollar may get a boost if CPI rises higher than expected as it would increase speculation the BoC will need to raise interest rates sooner than anticipated. The results are distorted by supply-chain disruptions, which is why the Bank of Canada insists inflation increases are "transitory." Prices consolidated in a $1.2337-$1.2366 range overnight, with Canadian inflation data taking centre-stage this morning.Ĭanada Consumer Price Index is expected to have risen 0.1% m/m in September, a tad slower than the 0.2% m/m result in August. ![]() The currency pair found a bottom at $1.2310 yesterday and bounced to $1.2376. USD/CAD was $1.2406 in Europe on Monday, and prices slid steadily due to improved risk sentiment and broad U.S. The Canadian dollar rally stalled yesterday, and prices consolidated overnight.
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