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Forex - USD/CAD Little Changed After U.S., Canadian Data

Published 12/15/2017, 09:38 AM
© Reuters.  Greenback holds steady vs. loonie after downbeat U.S. data
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Investing.com - The U.S. dollar was little changed against its Canadian counterpart on Friday, after the release of disappointing U.S. and Canadian data and as fresh U.S. tax reform woes coupled with the Federal Reserve's latest policy meeting continued to dampen demand for the greenback.

USD/CAD was at 1.2794 by 09:30 a.m. ET (13:00 GMT).

The New York Federal Reserve reported on Friday that its Empire State manufacturing index fell to 18.0 in December from 19.4 the previous month, confounding expectations for a reading of 18.6.

The greenback had already come under pressure after two U.S. Republican senators on Thursday sought changes to the proposed U.S. tax reform bill.

The bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats.

On Wednesday, the Fed raised interest rates by 0.25 basis points to 1.50% at the conclusion of its policy meeting, in line with expectations.

However, the central bank did not change its projections for 2018, which include three more interest rate hikes in both 2018 and 2019, disappointing expectations for four rate hikes next year.

In Canada, data showed that manufacturing sales fell 0.4% in October, compared to expectations for a 0.8% rise.

The loonie was also steady against the euro, with EUR/CAD at 1.5076.

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