Daily Market News
Today was very volatile and was extremely unsuccessful for the dollar. The US dollar fell sharply during today's Asian session on the news about the failure of the Obamacare health program's abolition. Republican senators have postponed plans for reform of the health insurance system.
And yet, Janet Yellen does not lose hope about the beginning of inflation in the US. Today, in his second speech this week, Fed Chairman Janet Yellen said that the improvement in the labor market and the rise in prices for imported goods indicate a temporary nature of the slowdown in US inflation.
Tomorrow is full of important economic news, especially in the American session. At 14:00 (GMT), the Bank of Canada publishes the Bank of Canada's interest rate decision. Last month, Bank of Canada Governor Stephen Poloz said that the unoccupied capacities in the Canadian economy are now "steadily declining" at the current rate of growth and should be taken into account during the July meeting of the bank on monetary policy.
On the eve of the publication on Friday of the most important data from the American labor market, the dollar demonstrates multidirectional dynamics in the foreign exchange market. Today, the dollar rose against the commodity currencies, but fell against the European currencies, including the EUR / USD pair.
USDCAD kept dropping like a stone. It had fallen over 800 pips since speculators reached extreme levels few weeks ago. READ IT HERE. There are still many shorts to be covered. The price is likely to drop further. My bias remains USDCAD short.
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