Canadian bond rate rises to a 52-week high at 3.171%. At 1.2576, the USD/CAD reflects the market’s appetite for riskier assets while safe-haven peers fall.The sentiment is positive due to China’s easing of coronavirus restrictions and after an upbeat US employment report on Friday, as reflected by globalregistering gains.
In the meantime, the US Dollar Index, a gauge of the buck’s value, remains above 102.000 but erases some of Friday’s gains, down 0.04%, sitting at 102.123. Contrarily to the aforementioned, US Treasury yields climb to a four-week-high, at 3.025%, as investors assess the Federal Reserve’s pace of tightening.President Mary Daly said that “I’m going to come into that September meeting and if I don’t see compelling evidence , then I could easily be a 50 bp in that meeting as well.
Data-wise, an absent Canadian and US economic docket keeps investors assessing last week’s data. On the Canadian front, Q1surprised to the downside, in part due to weaker exports. However, the S&P Global PMIs rose in the manufacturing index. In the case of the US, ISM PMIs were mixed but stayed above the 50-midline, displaying that the economy is cooling but not in recessionary territory. Additionally, May’s
report was better than foreseen, further cementing the case for the Federal Reserve hike in the June meeting.The USD/CAD tumbled below the 1.2540 mark, but in the last minutes, it bounced off two-month lows and trades above the June 2 lows at 1.2564.
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