FX Daily Update
The National Bank of Canada | Aug 31, 2016 09:14AM ET
Statements from the Fed Vice-Chair
Yesterday, the U.S. dollar continued on the tear it started last Friday by posting additional gains against the other major currencies. Since the Fed Chair’s speech on Friday, several influential members of the institution appear increasingly open to the idea of monetary tightening. Yesterday, Fed Vice-Chair Stanley Fischer stated that the scenario of two rate hikes in 2016 could not be ruled out, depending on the economic data coming in. In this context, U.S. 10-year yields are on their way to the greatest monthly increase in over a year.
Already weakened by news related to the U.S. monetary policy, our loonie was not helped by oil prices (WTI). Rumours of a superior expansion of Iranian production helped drive down the price of this commodity for the third day in a row.
Today, other important economic indicators to watch: Canadian GDP figures for June and the ADP National Employment Report in the U.S. Have a great day!
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