USD/CAD sellers approach 1.3000 as oil regains $91.00, DXY struggles at monthly peak – by anilpanchal7 USDCAD Oil Fed Recession PMI
prices print 0.40% intraday gains around $91.00 during the two-day uptrend. The commodity’s latest gains could be linked to the hopes of more demand from China, amid expectations of more stimulus, as well as mixed comments from the global producers.
Bloomberg quotes Saudi Arabian Energy Minister Prince Abdulaziz bin Salman as saying, “the OPEC and its allies may be compelled to reduce oil production, as the physical and futures markets get increasingly strayed away from fundamentals.” Elsewhere, the US 10-year Treasury yields retreat from the monthly high of 3.04%, down nearly two basis points to 3.02% by the press time. The pullback in the benchmark US bond coupons could be linked to the absence of major catalysts, as well as mixed chatters surrounding the People’s Bank of China . Recently, China's Securities Times reported that the PBOC may reduce RRR this year to compensate for medium-term lending facility maturity.
It should be noted, however, that the fears of global recession, powered by Europe and China, join hawkish Fed bets to keep the USD/CAD buyers hopeful. “Fed funds futures on Monday have priced in a 54.5% chance of a 50 basis-point rate hike at the Fed's policy meeting next month. The fed funds rate is seen hitting roughly 3.6% by the end of the year, with a peak rate of nearly 3.8% in March 2023,” mentioned Reuters following the latest Chicago Fed National Activity Index that improved to 0.
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