USD/CAD rebounds prods 1.3400 amid firmer USD, downbeat Oil price, Canada inflation, BoC’s Macklem eyed – by anilpanchal7 USDCAD BOC Fed Inflation Oil
iff Macklem. That said, the Loonie pair rose in the last two consecutive days while bouncing off the lowest levels since mid-February.
While tracing the clues, the US Dollar’s broad recovery on the back of firmer US Treasury bond yield and hawkish Fed bets joins the fall in the WTIOn Monday, the NY Empire State Manufacturing Index jumped to 10.8 for April while snapping the four-month downtrend, as well marking the highest level since July last year. Further, the US National Association of Home Builders housing market index also rose for the fourth consecutive month in April to 45, versus 44 expected and prior reading.
Further, Richmond Fed President Thomas Barkin said on Monday that he wants to see more evidence of inflation settling back to target. The policymaker also added that he feels reassured by what he is seeing in the banking sector. US Dollar Index stretched Friday’s rebound from one-year low as upbeat US data and hawkish Fed talks joined the increasing odds of another Fed rate hike in May, as well as reduction in the market’s bets suggesting a rate cut in later 2023. The same could be true for the US Treasury bond yields as the US 10-year and two-year bod coupons printed three-day uptrend to 3.60% and 4.20% respectively.
On the other hand, WTI Crude Oil dropped around 2.0% to the lowest levels in a week, pressured near $80.85 by the press time, as hawkish
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