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Greenback Following Yields Lower

FOREX
  • The greenback trades modestly weaker early Wednesday, but the USD Index still holds above the Tuesday lows. Markets are in consolidation mode, with most major pairs trading inside the week's range. Greenback weakness continues to follow the US yield curve, after Tuesday saw the 10yr yield close at its lowest level since March. Losses persist this morning, with yields nearing the 1.50% level.
  • CAD is the strongest currency in G10, with USD/CAD reversing Tuesday's gains as oil prices continue to grind higher. Both Brent and WTI crude futures broke above the 2021 highs ahead of yesterday's close, and are hitting new cycle best levels this morning.
  • The Bank of Canada decision takes focus going forward. This meeting sees no new Monetary Policy Report, meaning the Bank won't release any fresh growth or inflation projections. As such, markets expect little in terms of policy action, with the BoC seen favouring July's decision as the next opportunity for the Bank to further taper their asset purchase programme.
  • Outside of the BoC, US wholesale trade sales and inventories numbers are released, but markets remain focused on US CPI released later in the week.
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