FX Daily Update: Behind The Scenes With The Fed
The National Bank of Canada | Apr 08, 2015 09:35AM ET
Last Friday, disappointing U.S. jobs figures had driven the USD toward the bottom of its range over the past 10 weeks. This bearish trend could be ramped up today with the release at 2 p.m. of the minutes of the most recent FOMC meeting. Investors will be looking for clues on the status of the U.S. economy and by extension, the potential timing of a Fed key rate hike.
Before the main event, Fed Governor Jerome Powell and New York Fed President William Dudley will both give speeches in the Big Apple (NASDAQ:AAPL) this morning at 8 a.m. and 9:30 a.m. respectively. In his last public comments on April 6, Mr. Dudley had pointed to the surging greenback, the decline in investments in the energy sector and the harsh winter to explain the recent slowing in U.S. economic expansion.
At 10:30 this morning, we will also receive an update on Cushing Crude Oil Inventories. Then, at 11:45, Canadian Finance Minister Joe Oliver will discuss the Canadian economic climate and comment on the upcoming federal budget. Have a great day!
Salim Laaroussi
Range of the day: 1.2340 - 1.2520
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