Daily digest market movers: USD/CAD remains firm with investors reassessing Fed easing expectations
- Canadian Dollar keeps heading south and is on track to a 1.25% sell-off this week, its worst weekly performance since May 2023.
- US Michigan Consumer Sentiment Index declined to 77.9 in April from 79.4 in March. The market had anticipated a 79.0 reading.
- University of Michigan Consumer 5-year Inflation Expectations have ticked up to 3% from 2.8% in April.
- US 10-year yields have pulled back from highs, although they remain above the key 4.5% level, their highest levels since last November.
- Investors have trimmed their Fed easing expectations to 60 basis points in 2024 from the 150 basis points foreseen in January. The first rate cut is expected only in September. This is acting as a tailwind for the US Dollar.
- Later today Fed’s Schmid, Bostic, and Daly, all in the hawkish side of the committee are meeting the press. They might provide further support for the USD.
Edited 14 Apr 2024, 14:14
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.