The minutes of the last FOMC meeting were released. After Bernanke’s speech, the U.S. dollar lost a lot of ground against various currencies: 400 points against the euro and 200 points against our loonie since yesterday. Contrary to what the Federal Reserve Chairman implied during the meeting of June 18 and 19, the minutes revealed that the decision-makers are divided on the opportune time to decrease and end the quantitative easing program. Some members of the Fed would like to reduce the pace of monetary injections this year, while others would prefer to see a marked improvement of job figures before considering tapering the bond buying. This division, coupled with Bernanke’s pessimistic speech, clearly reiterating the Fed’s two goals: unemployment at 6.5% and inflation at 2%, caused yesterday’s violent market reaction. Since the Fed’s double mandate has not yet been reached, Bernanke still promotes an accommodating monetary policy.
The correction observed with the USD/CAD pairing during overnight hours is providing good purchasing opportunities for our importers in the short-term.
In economic news, the Canadian New Housing Price Index and U.S. Initial Jobless Claims figures are expected today. In the meantime, the futures market is pointing to a positive opening on U.S. markets. Wishing you a great day. Gardy Pharel
Range of the day: 1.0325 – 1.0525
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NBC Daily Forex : July 11, 2013
Published 07/14/2013, 02:51 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : July 11, 2013
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