USD/CAD pokes 23-month high near 1.3270 as oil drops, DXY cheers hawkish Fed bias – by anilpanchal7 USDCAD Oil Fed RiskAppetite Recession
Downbeat Canadian inflation contrasted mostly firmer US housing data, risk-off to favor bulls.Fears that aggressive rate hikes will curb demand weigh on oil prices.grinds higher past 1.3350, close to 1.3370 at the latest, as bulls brace for the Fed showdown during early Wednesday.
WTI crude oil prints a three-day downtrend as it refreshes an intraday low near $83.40 by the press time. “The OPEC+ producer grouping - the Organization of the Petroleum Exporting Countries and associates including Russia - is now falling a record 3.58 million barrels per day short of its targets, or about 3.5% of global demand. The shortfall highlights underlying tightness of supply in the market, even as recession fears drag prices lower,” reported Reuters.
On the other hand, the US Dollar Index prints mild gains around 110.25 as it pokes the two-decade high marked earlier in the month. In doing so, the greenback’s gauge versus the six major currencies cheers hawkish Fed bets and fears emanating from China and Russia. While the Fed’s 75 basis points rate hike bore 83% chance, the latest chatters over the 1.0% rate lift seemed to have favored the risk-aversion. Nouriel Roubini, a well-known global economist, joined the league of Fed hawks on Tuesday. “The Fed started a two-day meeting on Tuesday, with rate futures traders pricing in an 83% chance of a 75 basis-point hike and a 17% probability of a 100 bps of tightening,” said Reuters.
The downbeat inflation in Canada and mixed US housing numbers are also the reason for the USD/CAD strength. That said, Canada’s Annual
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