Dollar Dives on Fed Doves

The US dollar was under pressure during the week prior to the July 26 Federal Open Market Committee meeting because most market participants did not expect the Fed to give any fresh new insight. They got that part right.  The FOMC left interest rates unchanged, hinted at September for the start of balance sheet normalization, and very modestly downgraded the

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Canadian Dollar Holds Gains

The Canadian dollar managed to hang on to most of last week’s gains in quiet trading, overnight.  USDCAD is being weighed down by the latest IMF forecast that lowered US growth estimates while raising Canada’s forecast.  The Canadian dollar got another boost form a rebound in oil prices during the European session.  There is only minor Canadian data on tap

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Greenback Ails on US Healthcare Debacle

The US dollar is ill.  Another healthcare bill failure.  Another US dollar plunge. Asia traders were unimpressed when they learned that the Republicans were unable to secure enough votes within their own party to repeal Obamacare. Traders concluded that President Trump’s aggressive tax cut plan would meet a similar fate.  Without the stimulus from that initiative, the Fed would have

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Slow Start To Slow Week

The US dollar opened in New York with very little change compared to Friday’s close. The week started off slow helped by Marine Day holiday’s in Japan. Better than expected China GDP and Retail Sales data underpinned the commodity bloc currencies but despite the upside surprises, it wasn’t enough to ignite a fresh rally. AUDUSD bounced within a 0.7804-34 range.

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