The USD/CAD pair meets with some supply during the Asian session on Thursday and erodes a part of the overnight recovery gains from the 1.3420 region, or its lowest level since March 8. Spot prices currently trade around the 1.3470-1.3465 region, down over 0.10% for the day amid a modest US Dollar (USD) downtick, though some follow-through selling around Crude Oil prices could help limit deeper losses.
The USD Index (DXY), which tracks the Greenback against a basket of currencies, stalls the overnight goodish rebound from the vicinity of the YTD low amid bets for another 50 basis points (bps) interest rate cut by the Federal Reserve (Fed) in November. Apart from this, the underlying bullish tone – as depicted by a fresh leg up in the equity markets – further undermines the safe-haven buck and exerts some downward pressure on the USD/CAD pair.
Meanwhile, doubts about sustained fuel demand growth in China – the world's top oil importer – and easing worries over supply disruptions in Libya drag Crude Oil prices further away from a three-week high touched on Tuesday. Despite a slew of stimulus measures announced this week, investors remain uncertain about China's economic recovery. This, along with signs of the return of Libyan oil to the market, further seems to weigh on the black liquid.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
