Created
: 2024.09.13
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USD/CAD flat lines around 1.3575 area amid dovish Fed inspired-USD selling bias
World FX news
Breaking news
USD/CAD flat lines around 1.3575 area amid dovish Fed inspired-USD selling bias
New
2024.09.13 12:21
2024.09.13 12:21
2024.09.13 12:21
- USD/CAD struggles to attract any meaningful buyers amid broad-based USD weakness.
- Bets for a larger Fed rate cut, along with a positive risk tone, weigh heavily on the buck.
- This week's stronger recovery in Oil prices underpins the Loonie and acts as a headwind.
The USD/CAD pair reverses a modest Asian session dip and currently trades around the 1.3575 region, nearly unchanged for the day, though any meaningful appreciating move still seems elusive.
The US Dollar (USD) sinks to over a one-week low amid growing expectations for an oversized interest rate cut by the Federal Reserve (Fed) next week, bolstered by signs of easing inflationary pressures in the US. In fact, data published on Thursday showed that the annual headline Producer Price Index (PPI) decelerated to 1.7% from the previous month's downwardly revised reading of 2.1%. Adding to this, the core PPI, which excludes volatile food and energy prices, missed consensus estimates and came in 2.4% YoY during the reported month.
The markets were quick to react and are now pricing in over 40% chance that the US central bank will lower borrowing costs by 50 basis points at its policy meeting on September 17-18. This keeps the US Treasury bond yields depressed near the 2024 low, which, along with a positive risk tone, weighs on the USD and acts as a headwind for the USD/CAD pair. Furthermore, this week's goodish recovery in Crude Oil prices, from the lowest level since June 2023, should underpin the commodity-linked Loonie and contribute to capping spot prices.
Market participants now look forward to Friday's economic docket - featuring the release of the Preliminary Michigan US Consumer Sentiment Index and second-tier data from Canada. Apart from this, the US bond yields and the broader risk sentiment might influence the USD demand, which, along with Oil price dynamics, could allow traders to grab short-term opportunities around the USD/CAD pair. Nevertheless, spot prices seem poised to register modest weekly gains, though bulls need to wait for acceptance above the 1.3600 mark before placing fresh bets.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | -0.17% | -0.61% | -0.04% | -0.03% | -0.04% | -0.20% | |
| EUR | 0.11% | -0.08% | -0.50% | 0.05% | 0.07% | 0.13% | -0.09% | |
| GBP | 0.17% | 0.08% | -0.43% | 0.11% | 0.14% | 0.22% | -0.03% | |
| JPY | 0.61% | 0.50% | 0.43% | 0.57% | 0.57% | 0.63% | 0.42% | |
| CAD | 0.04% | -0.05% | -0.11% | -0.57% | -0.01% | 0.10% | -0.16% | |
| AUD | 0.03% | -0.07% | -0.14% | -0.57% | 0.01% | 0.09% | -0.16% | |
| NZD | 0.04% | -0.13% | -0.22% | -0.63% | -0.10% | -0.09% | -0.25% | |
| CHF | 0.20% | 0.09% | 0.03% | -0.42% | 0.16% | 0.16% | 0.25% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Last updated
: 2024.09.13
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Australian Dollar on the rise amid Greenback weakness
The AUD/USD rose by 0.70% to 0.6815 in Thursday's session. This marks the fourth consecutive session of gains for the AUD/USD, as the Greenback continues to weaken in the wake of the Federal Reserve's (Fed) 50-basis-point rate cut.
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2024.09.20 05:30USD/JPY Price Forecast: Clings to gains after failing to clear 144.00
The USD/JPY held on to gains following Wednesday's Federal Reserve decision but traded well below its daily peak of 143.94 as the Greenback registered losses.
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2024.09.20 05:23Canadian Dollar gets a push from Fed cuts but still hobbled
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2024.09.20 04:38Forex Today: Will the BoJ surprise markets?
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2024.09.20 04:01Gold price benefits from Fed's cut, buyers eye $2,600
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2024.09.20 03:54US Dollar declines as market digests FOMC decision
The US Dollar Index (DXY), which measures the value of the USD against a basket of currencies, is trading flat near 100.70 on Thursday as the market digests the Federal Reserve's (Fed) 50-basis-point (bps) cut.
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2024.09.20 03:22Dow Jones Industrial Average climbs into another record high
The Dow Jones Industrial Average (DJIA) pierced the 42,000 psychological level on Thursday as equities drove higher in a broad-market bull run after the Federal Reserve (Fed) finally delivered its first rate cut in over four years.
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2024.09.20 02:37Mexican Peso stays flat following Fed rate cut, eyes on Banxico
The Mexican Peso remained unchanged against the US Dollar during the North American session on Thursday after the Federal Reserve (Fed) lowered interest rates for the first time in four years.
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2024.09.20 01:24EUR/GBP Price Analysis: Technical outlook favors the downside as selling pressure mounts
Thursday's session saw the EUR/GBP slightly decline by 0.20% below 0.8400.
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2024.09.19 23:13Disclaimer:
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