USD/CAD fades bounce off monthly low near 1.2650 on firmer oil prices, tepid sentiment By anilpanchal7 USDCAD RiskAppetite Oil Inflation Coronavirus
Market sentiment dwindles amid Fed-linked anxiety, covid updates.USD/CAD remains on the back foot around 1.2650, down 0.17% intraday heading into Tuesday’s European session.
In doing so, the Loonie pair pays a little heed to the virus woes at home while cheering the cautious optimism at a macro front. Also favoring the quote are the firmer prices of Canada’s main export item, namely WTI crude“The US Centers for Disease Control and Prevention and U.S. State Department on Monday advised against travel to neighboring Canada because of a rising number of COVID-19 cases as the Omicron variant spreads,” said Reuters.
may become less worrisome compared to the Reuters’ tally that suggests a new record top of the US daily infections above 1.13 million., per the prepared remarks for today’s Testimony, could be considered as a major favor to the risk-on mood. The Fed Boss said, “The economy is growing at its fastest rate in years, and the labor market is robust.” However, his pledge to stop higher inflation from getting entrenched keeps the rate hike concerns on the table and weighs on the sentiment.
It’s worth noting that comments from Merck’s official saying, “Expect Molnupiravir mechanism to work against omicron, any covid variant,” could be cited as positive for theElsewhere, oil prices rise 0.33% intraday around $78.25 at the latest, snapping two-day declines, as the market’s optimism weighs on the US dollar’s safe-haven demand ahead of the key data/events.
While portraying the mood, the US 10-year Treasury yields dropped 1.5 basis points to 1.757% after rallying to January 2020 levels during the previous day, before closing in negative on D1. Further, the 2-year bond coupons remain steady around March 2020 levels, near 0.90% at the latest. Additionally, S&P 500 Futures print 0.
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