USDCAD: open 1.4168, overnight range,1.4165-1.4195, close 1.4172, WTI $67.83, Gold, $2675.10
The Canadian dollar’s Monday morning rally ended abruptly thanks to the one-two punch of jumbo rate cut fears and Trump tariffs.
EURUSD slid in a 1.0523-1.0568 range with prices weighed down by market anticipation of a 25 bp rate cut by the ECB on Thursday. Furthermore, the ECB may adopt dovish forward guidance due to weak economic conditions across the Eurozone, according to some analysts.
GBPUSD drifted in a 1.2738-1.2766 band. Traders are uninspired due to a lack of significant economic data or catalysts. The currency also found some support from EURGBP selling ahead of the ECB’s policy meeting later this week.
USDJPY rallied from 150.90 to 151.79, coinciding with fading Bank of Japan rate hike odds this month. Higher US Treasury yields further bolstered the pair, with the 10-year yield climbing from 4.18% to 4.23%.
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AUDUSD retreated to 0.6381 from 0.6443 following the Reserve Bank of Australia’s widely anticipated decision to hold rates steady at 4.35%. RBA Governor Michelle Bulloch blamed the lack of action on persistent inflation concerns. However, the tone was dovish, suggesting rate cuts in early 2025.
There are no Canadian or US economic reports today.
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