The US dollar continued to drift lower yesterday as Trump’s criticism over higher rates in the US and the broader risk appetite amid renewed US-China trade talks continued to pressure the currency. Today, apart from the US-China talks, investors are likely to focus on the Fed minutes as well. The Loonie traded in a roller-coaster manner overnight on NAFTA headlines, ahead of Canada’s retail sales, due out later today.
Dollar on the Back Foot Ahead of the FOMC Minutes
The dollar continued to slide against most of the other G10 currencies as Trump’s criticism over higher rates in the US and the broader risk appetite amid renewed US-China trade talks continued to pressure the currency. The main gainers against the greenback were NZD, GBP and CHF in that order, while the sole loser was JPY. The US currency traded virtually unchanged against AUD and CAD.
As for the equity market, most major European and US indices ended their sessions in the green, with the exceptions being UK’s FTSE 100 and Canada’s S&P/TSX. The S&P 500 hit a new all-time high at 2873.23 after seven months but failed to...
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