The USD/CAD pair finds buying interest near 1.3460 amid sheer strength in the US Dollar. The Loonie asset aims to recapture the psychological resistan
S&P500 opens on a flat-to-negative note as investors remain worried about economic prospects.pair finds buying interest near 1.3460 amid sheer strength in the US Dollar. The Loonie asset aims to recapture the psychological resistance of 1.3500 as the market mood dampens amid deepening fears of a global slowdown.
S&P500 opens on a flat-to-negative note as investors remain worried about economic prospects. The Federal Reserve is expected to keep interesthigher for a longer period as inflationary pressures in excess of the desired rate of 2% would be a hard nut to crack. The US Dollar Index prints a fresh nine-month high near 105.90 as the US economy is absorbing the consequences of higher interest rates by the Fed comfortably. Slowing inflation and a resilient labor market allowed the Fed to keep interest rates unchanged last week. Also, hawkish guidance from Boston Fed President Susan Collins strengthened the US Dollar.Collins said on Friday that a further rate hike is certainly not off the table.
Meanwhile, the oil price remains sideways around $90.00 as global central bankers are pausing the rate-tightening spell sooner to avoid risks of economic slowdown. It is worth noting that Canada is the leading exporter of oil to the United States and maintains a positive relationship with the Canadian Dollar.report for July. Consumer spending expanded at a slower pace of 0.3% vs. expectations of 0.4%. In June, Retail Sales expanded nominally by 0.1%.
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