USD/CAD holds lower grounds near 1.3540 while portraying a sluggish weekly move heading into Wednesday’s European session. The Loonie pair clings to m
Hopes of more stimulus from China, US-China ties join softer US Dollar to underpin Oil price recovery.Mixed outcomes for scheduled statistics can keep traders on their toes ahead of Jackson Hole Symposium.holds lower grounds near 1.3540 while portraying a sluggish weekly move heading into Wednesday’s European session.
The Loonie pair clings to mild losses amid a softer US Dollar and the recent improvement in Canada’s key export item retreats from the 10-week high marked the previous day to around 103.50 at the latest while the WTI crude oil snaps a two-day losing streak by rising 0.20% intraday to $79.75 by the press time.
It’s worth noting that the market’s cautious optimism joins a pullback in the US Treasury bond yields to prod the Greenback buyers, as well as underpin the Oil price rebound. Among the major catalysts contributing to the slightly positive mood are the headlines suggesting a likely improvement in the US–China ties, due to US Commerce Secretary Gina Raimondo’s visit to Beijing, scheduled for next week. On the same line are the early-week news suggesting the US removal of 27 Chinese entities from its Unverified List, lifting sanctions from those entities and flagging hopes of improving diplomatic ties.
Furthermore, mixed US data and Fed talks also prod the DXY bulls as market participants don’t expect the hawkish appearance of Fed Chair Jerome Powell at this week’s annual Jackson Hole event. That said, the US flashed slight improvement in the US Existing Home Sales for July and the Richmond Fed Manufacturing Index for August, which in turn should entertain the
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