USD/CAD picks up bids towards 1.2900 despite firmer oil, US inflation in focus – by anilpanchal7 USDCAD RiskAppetite Oil Fed Inflation
prices might have cheered firmer China trade numbers and cautious optimism in the markets to recover while ignoring hopes of more output from Iran.
On the other hand, US Dollar Index traced Treasury yields to consolidate Friday’s heavy gains that offered the greenback gauge the first weekly positive in three. That said, the DXY registered a 0.19% daily loss to 106.37 by the end of Monday whereas the US 10-year Treasury yields dropped nearly seven basis points to 2.75% at the latest, following a 14-bps run-up the previous day.
It’s worth noting that the market’s previous risk-on mood appears to have faded of late as US President Joe Biden raised concerns over China’s actions near the Taiwan border. On the same line were fears of the Fed’s aggression and economic slowdown. Considering Friday’s strong US jobs report, versus mixed employment data from Canada, the Fed funds futures price in a 69% chance of another 75 bps rate hike in September, per Reuters.
While portraying the mood, S&P 500 Future trim early Asian session gains around 4,145 by the press time.traders. Forecasts suggest that the US Nonfarm Productivity could improve to -4.6% from -7.3% prior while Unit Labor Costs may ease to 9.5% versus 12.6% previous readings.
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