USD/CAD gains momentum above 1.3430 amid strong USD, US CPI eyed – by lilyfinancial USDCAD Majors Macroeconomics
The US trade data show a sluggish economic rebound and subdued global demand in the country. The US trade deficit narrowed sharply in June, with the figure coming in at $65.5 billion, higher than expectations of $65 billion and below the $68.3 billion prior.
Additionally, Moody’s downgraded the credit ratings of several midsize and small US lenders and issued a warning about possible cuts to the ratings of larger institutions. Moody's added that banks with significant unrealized losses that are not reflected in their regulatory capital ratios are vulnerable to a loss of confidence in the current tightening policy cycle. Markets turn cautious about this headline and lift the safe-haven Dollar.
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