USD/CAD plummets under 1.3740 as sentiment improves – by christianborjon USDCAD Majors Currencies Macroeconomics BOC
UK’s mini-budget U-turn sparked a rally in global equities.tumbled from around the 1.3800 figure due to a risk-on impulse, as shown by global equities recording gains, spurred by a U-turn in the UK mini-budget, which so far had stabilized the markets. At the time of writing, the USD/CAD is trading at 1.3729, below its opening price by 1%.
The St. Louis Fed President James Bullard said that faster interest rate hikes contributed to further US dollar strength against other currencies on Saturday. Bullar added that once the Federal funds rate gets to a level “where the committee thinks we’re putting meaningful downward pressure on inflation,” so rates don’t need to continue increasing.
The BoC’s survey highlighted that businesses’ inflation expectations jumped to 7.11% from 6.82% in Q2, while for 2-years, the CPI is expected at 5.22%. That justifies further action by the Bank of Canada , as Governor Tiff Macklem said that the Bank needs “more work to do” on interest rates, signaling further hikes.
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