USD/CAD struggles around 1.3430 as Oil bulls run out of steam, US inflation eyed – by anilpanchal7 USDCAD Inflation Oil CentralBanks Currencies
That said, the DXY holds lower grounds near 103.10-15 while portraying the failures to bounce off a seven-month low marked earlier in the week.weakness could be linked to the recently downbeat comments from the Federal Reserve officials, as well as risk-positive headlines from China.
On Wednesday, Federal Reserve’s Boston President Susan Collins backed the smaller rate increases while stating that she leans at this stage to a 25 bps hike. The policy, however, also mentioned that it is very data-dependent. Furthermore, China’s total reopening and early signals of heavy holiday shopping join the chatters that the People’s Bank of China will adhere to rate cuts in 2023 to spread the Beijing-inspired optimism.
It should be noted that WTI crude oil remains indecisive around $78.00 after rising the most in two months the previous day. The black gold cheered broad US Dollar weakness, hopes of more energy demand from China. It’s worth noting that a heavy increase in the oil inventories, as signaled by the US Energy Information Administration data, failed to weigh on the black gold. “The US Energy Information Administration said crude inventories jumped by 19.
Looking forward, USD/CAD traders should pay attention to the US CPI ex Food & Energy for December, expected 5.7% versus 6.0% prior, for clear directions.Wednesday’s Doji candlestick joins the USD/CAD pair’s inability to cross the 100-day Exponential Moving Average , around 1.3430 by the press time, to signal the quote’s further downside.
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