USD/CAD trims post-Fed losses and eyes 1.2900 amid a dismal mood By christianborjon USDCAD Majors Macroeconomics Technical Analysis
Fed’s Chair Powell pushed back against 75-bps raises but kept 50-bps “on the table.”The USD/CAD trims Wednesday’s losses and is approaching March’s 15 daily highs around 1.2871 after the Federal Reserve raised interestThe market sentiment is dismal, as USare trading in the red, posting losses between 2.65% and 4.46%. The greenback is poised to test the 104.000 mark, up 1.21% during the day, while the US 10-year Treasury yield rose to 3.
The Federal Reserve May meeting left traders with a 50-bps increase in the Federal Funds Rate . Also, the US central bank announced that it would reduce its $8.9 trillion balance sheet on June 1 by $47.5 billion, $30 billion of US Treasuries, and $17.5 billion of mortgage-backed securities .pushed back against 75-bps increases but would not discount 50-bps hikes in a couple of more meetings. Money market futures odds of another 50-bps raise in June are 100%.
On Thursday, the US economic docket featured Initial Jobless Claims for the week ending on April 29, which increased to 200K from 182K foreseen by analysts. The report notes that labor costs surged to 11.6%, showing the tightness of the job market., the Canadian docket will feature Canadian employment figures. Analysts at TD Securities wrote in a note that they expect another 40K jobs to be added to the economy.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Central Bank Watch: Fed Speeches, Interest Rate Expectations Update; May Fed Meeting PreviewRates markets are fully pricing in a 50-bps rate hike by the Federal Reserve on Wed. We’ll discuss how markets may react to the rate decision starting at 13:45 EDT/17:45 GMT on Wednesday.
Read more »
Market Wrap: Bitcoin Traders Take Some Profits Ahead of Fed Meeting, Expect Higher VolatilityMARKET WRAP: Bitcoin $BTC is roughly flat over the past week, although option traders have hedged against further price drops. And long-term holders are taking profits.
Read more »
Fed hopes to engineer a 'soft landing,' but history shows it won't be easyThe Federal Reserve is hoping to achieve the rarest of economic feats as it moves into full inflation-fighting mode: cooling consumer demand enough so that prices stop rising, without crushing it so much that it throws the country into a recession.
Read more »
S&P 500 Futures portray pre-Fed market consolidation, Japan’s holiday chains yieldsGlobal markets remain jittery, mildly positive though, as traders remain cautious ahead of the key Federal Open Market Committee (FOMC) meeting outcom
Read more »
How is Fed tightening affecting bitcoin and other crypto assets?Bitcoin trades lower Tuesday, a day before the Federal Reserve is expected to raise its benchmark interest rate by 50 basis points and start unwinding its...
Read more »
Australia stocks set for higher start as investors look ahead to Fed rate decisionThe U.S. Federal Reserve is expected to raise interest rates on Wednesday for the second time since 2018.
Read more »