The USD/CAD pair oscillates in a narrow range during the Asian session on Tuesday and consolidates its recent losses to over a one-month low, around 1
.3470 region touched the previous day. Spot prices, however, manage to hold above a technically significant 200-day Simple Moving Average , currently pegged near the 1.3460-1.3455 area, as traders keenly await the outcome of the highly-anticipated FOMC monetary policy meeting.
The Federal Reserve is scheduled to announce its decision on Wednesday and is widely anticipated to maintain the status quo, which keeps the US Dollar depressed below a six-month peak. Meanwhile, Crude Oil prices stand tall near the highest level since November 2022, bolstered by concerns about tighter global supplies and hopes for fuel demand recovery in China – the world's top Oil importer.
That said, growing acceptance that the Fed will stick to its hawkish stance and keep interest rates higher for longer in the wake of still-sticky inflation. The outlook remains supportive of elevated US Treasury bond yields and helps limit any meaningful downside for the buck. Traders might also prefer to wait for fresh cues about the Fed's future rate-hike path.
In the meantime, traders on Tuesday will look to the latest Canadian consumer inflation figures, due for release later during the early North American session. The US economic docket, meanwhile, features housing market data – Building Permits and Housing Starts.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
USD/CAD holds steady above 1.3500, bullish Oil prices continue to act as a headwindThe USD/CAD pair kicks off the new week on a subdued note and remains well within the striking distance of a two-week low set on Friday. Spot prices,
Les mer »
USD/CAD: Forays above 1.35 tend to be limited in terms of scope and durationThe CAD booked a gain on the USD last week. Economists at Scotiabank analyze USD/CAD outlook. CAD shorts building again The USD’s recent appreciation
Les mer »
USD/CAD dips into 1.3480 as oil continues to bolster crude-dependent LoonieThe USD/CAD continues to tip to the downside as the Loonie (CAD) gets pushed higher by rising oil prices. Oil prices continue to chew through chart pa
Les mer »
EUR/USD consolidates in a range just below 1.0700, eyes Euro Zone CPI for some impetusThe EUR/USD pair struggles to capitalize on its recent recovery gains registered over the past two days and oscillates in a narrow band during the Asi
Les mer »
EUR/USD Price Forecast: Euro Braces for EZ CPI & Fed Rate AnnouncementThe euro kicks off the week relatively low-key as traders keenly await euro area inflation and the FOMC announcement later in the week. EUR/USD below 1.07.
Les mer »
Canada CPI Preview: Forecasts from five major banks, another jump in inflationStatistics Canada will release August Consumer Price Index (CPI) data on Tuesday, September 19 at 12:30 and as we get closer to the release time, here
Les mer »