USD/CAD eases towards 1.3600 as Oil buyers take a breather, Fed’s Powell eyed – by anilpanchal7 USDCAD Fed Oil RiskAppetite Employment
and Antipodeans to remain firmer. However, the firmer US Treasury bond yields and fears emanating from China, as well as the recently firmer US data, allowed the greenback to pare some of its previous losses.
US 10-year Treasury bond yields initially dropped to a one-week low of 3.897% before ending the day with mild gains near 3.96%. On the same line, the two-year counterpart ended Monday’s North American trading session with 0.60% intraday gains at 4.88%. Elsewhere, China eyed the modest 5.0% economic growth in its annual session of the National People's Congress , versus 6.0% market forecasts, which in turn raised doubts on the health of the world’s biggest commodity user and put a floor under the US Dollar price, as well as the USD/CAD.
On the same line, were comments from outgoing China Premier Li Keqiang as he said, “China should promote the peaceful development of cross-Strait relations and advance the process of China's ‘peaceful reunification’, but also take resolute steps to oppose Taiwan independence.” Talking about the data, US Factory Orders for January improved to -1.6% MoM versus -1.8% expected and -1.7% prior. Previously, softer prints of the US ISM Services PMI for February, as well as the Durable Goods Orders for January and the Conference Board’s Consumer Confidence for February, questioned the Federal Reserve’s ‘higher for longer’ plan.
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