USD/CAD refreshes four-month high above 1.3770 ahead of US Employment and BoC policy USDCAD Fed Employment BOC SEO
on Tuesday. The major has continued its upside journey as the impact of Federal Reserve Powell’s hawkish remarks has not been fully discounted yet.
S&P500 futures have retreated after an extremely weak recovery in the Asian session, portraying a healthy risk-off mood as the recovery movement has been capitalized by the market participants for making fresh shorts. The has refreshed its three-month high above 105.80 and is gathering strength for making more gains.
A confirmation of bigger rates from Federal Reserve’s Powell has resulted in more fuel for US Treasury yields. The return on 10-year US Treasury bonds has recaptured the 4.0%. Rising US yields might result in a heavy sell-off in growth and tech stocks as their future cash flows will be discounted at a higher rate.The street is aware of the United States' persistent inflation and the need of bringing it down quickly to comfort households from rising payouts.
This forced Fed’s Powell to sound extremely hawkish for interest rate guidance. Fed’s Powell in his testimony before Congress cited “ultimate level of interest rates is likely to be higher than previously anticipated,” after the “latest economic data have come in stronger than expected.”This week, Federal Reserve Governor Christopher Waller cited February’s strong economic indicators as a one-time blip and the price pressures will resume their downtrend from next month.
An upbeat US ADP Employment data will bolster the case of a bigger rate hike by the Fed in its March monetary policy meeting. As per the CME FedWatch tool, the chances of 50 basis points rate hike have reached 72%.
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