The BoC Governor Stephen Poloz supported the Loonie with his hawkish comments and increased probabilities for a rate hike. FOMC minutes are coming out today and will be scrutinised while Europe will keep a tab for Markit PMIs.
U.S. Dollar Surprised with Some Volatility Despite 4th of July
Even though, yesterday was the 4th of July, U.S. Independence Day, some of the USD currency pairs moved from the impact of its peers. USD/CAD dropped almost 0.60% on the back of the comments of the Bank of Canada Governor Stephen Poloz. The Canadian dollar supported by speculations that BoC is considering raising rates at their next meeting on July 13th. Mr Poloz is concentrating on thinking where the economy will be 18 or 24 months from now and he stated that inflation rate is not the only indicator taken into account from the central bank.
Read the full financial markets daily report on JFD Research.