USD/CAD ignores BoC’s Macklem to aim for 1.3400 amid US Dollar rebound, Oil price retreat – by anilpanchal7 USDCAD BOC Fed Inflation Oil
US DollarThat said, Bank of Canada Governor, Tiff Macklem mentioned on Friday, that the governing council discussed raising interest on Wednesday when they decided to leave them on hold at 4.50%, as expected, per Reuters. The policymaker also added that interest rates may need to stay at higher levels for a longer period of time to get inflation back to the target.
On the other hand, the US Dollar Index snapped a three-day south run and bounced off the lowest level in a year after the latest round of the US data and comments from the Federal Reserve officials push back dovish bias about the US central bank.dropped by 1.0% for March versus -0.4% expected and -0.2% prior. On the contrary, Industrial Production grew by 0.4% during the stated month compared to 0.2% market forecasts and prior reading.
“The recent developments are consistent with one more rate hike,” said Atlanta Federal Reserve President, in an interview with Reuters this Friday. On the same, Fed Governor Christopher Waller mentioned that the recent data show that the Fed hasn't made much progress on its inflation goal and added that rates need to rise further, per Reuters.
However, Federal Reserve Bank of Chicago President Austan Goolsbee said in an interview with CNBC on Friday that he still wants to see the data. The policymaker also added, “But let's be mindful we've raised a lot; some of the lag is coming through possibly in today's retail sales number.
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