USD/CAD approaches 1.3400 as USD Index rebounds and oil corrects, US Inflation in spotlight USDCAD Fed Oil Inflation SEO
and a correction in the oil price have provided support to the Loonie asset.
The USD Index has rebounded firmly from the day’s low of 101.53. Investors are dodging US inflation-inspired uncertainty by diverging funds into the USD Index. Meanwhile, the yields offered on 10-year US governmentUS debt ceiling talks adjourned till Friday On the other side, Republican House of Representatives Speaker Kevin McCarthy remained stuck to his intention of not approving debt ceiling raise without cutting the President’s spending initiatives to safeguard escalating budget deficit.
Analysts at Goldman Sachs believe that softer United States CPI data is likely to be supportive of a rally in US. They further added that CPI around or below the 5% consensus could spark an equity rally, with the S&P 500 rising at least 0.5%.” However, “A surprisingly strong reading would send stocks sharply lower, S&P 500 could drop at least 2% on a reading above 5.9%.
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