Daily digest market movers: CAD extends recovery with US Dollar on defensive
- The Canadian Dollar keeps trading higher on Tuesday, while the US Dollar loses ground.US Durable Goods orders increased at a 1.4% pace, beating expectations of a 1% increment.
- Non-defense capital goods orders, a gauge for future business spending, increased 0.7% after a 0.4% decline in January.
- The CB Consumer Confidence Index has dropped to 104.7 from 106.7 in February, against market expectations of an improvement to 107.00.
- Futures markets keep betting on a nearly 65% chance that the Federal Reserve will start cutting rates in June, which is keeping the USD on its back foot.
- The highlight of the week will be the US PCE Prices Index, the Fed’s inflation gauge of choice, which is expected to have accelerated at a 2.5% yearly pace in February, from 2.4% in the previous month.
- The Core PCE Prices Index is expected to have risen at a 2.8% yearly pace and 0.4% on the monthly rate in February, from 2.8% and 0.3%, respectively, in January.
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