The Canadian Dollar is getting a leg up as markets turn down the Greenback. Canada sees little of note on the data docket this week. Loonie traders aren’t out of the US data woods yet, US PPI and Retail Sales come tomorrow. The Canadian Dollar (CAD) is catching a bid thanks to a forecast miss on US Consumer Price Index (CPI) inflation figures. The data miss is sending broader markets into risk-on mode as market sentiment improves.
US CPI for October came in lower than markets had initially forecast, and the easing inflation datapoint is giving markets reason to hope that the Federal Reserve’s (Fed) “higher for longer” narrative on interest rates may not prove to be as long as previously thought. Daily Digest Market Movers: Canadian Dollar finds a CPI-fueled rebound The CAD is climbing into a five-day high and its highest bids in a week thanks to the US CPI miss. October’s headline month-on-month US CPI came in at a flat 0.0% against the forecast 0.1%, 0.4% previous. Annualized CPI printed at 3.2%, down from the previous 3.7% and missing the forecast of 3.3
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Source: FXStreetNews - 🏆 14. / 72 Read more »
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