The CAD is little changed on the session and continues to hold in the trading range established prior to the holiday break, Scotiabank’s Chief FX Strategist Shaun Osborne notes. USD/CAD is USD-bullish on a clear push above 1.4430 “US/Canada terms spreads have stabilized and a dearth of domestic news—economic or political—is helping steady the CAD for now. Scope for…
The major US stock indices are not been impacted by the voting for the Speaker of the House. The major indices are trading to new session highs in the currency hourly bar. Dow industrial average is up 333 points or 0.79% at 42726. For the week, the index is down -0.62% currently S&P index is up 73.73 points or…
The Euro (EUR) has recovered a little from new cycle lows near 1.0240 made yesterday against the US Dollar (USD) but the rebound has stalled below 1.03 so far on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes. EUR scratches out a minor rebound “The EUR is quite undervalued, from my point of view, but there is little…
Crude oil futures are selling and $73.96 up $0.83 or 1.13%. The settlement price is the highest since October 11. Cold weather, and Chinese policy support are being cited as reasons for the rise today and for the trading week. This week the price has risen by $4.13 or 5.5%. Looking at the daily chart, the price moved back…
AUD/USD trades back and forth around 0.6200 with investors focusing on the US ISM Manufacturing PMI data. The Fed has signaled fewer interest rate cuts for this year. RBA policymakers need to be confident that inflation will decline as per their expectations before pivoting to interest rate cuts. The AUD/USD pair trades sideways around 0.6200 in Friday’s North American…
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United States ISM Manufacturing Employment Index came in at 45.3, below expectations (48) in December
Fed’s Kugler is on CNBC and says: US economy ended 2024 in a good place The economy is resilient Process of disinflation has kept going. Labor market remains resilient The labor market has been cooling gradually. Real wages are still up even with labor market cooling. The key is that job market has cooled gradually. Current unemployment rate remains…
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Major US indices are closing solidly higher and in doing so are snapping multi-day losing streaks. For the Dow Industrial average it snapped its 4-day losing streak. For the broader S&P and NASDAQ indices,. they both snapped 5-day losing streaks. For the trading week, the indices are closing lower. A snapshot of the closing levels today shows: Dow industrial…
