USD/CAD seesaws below 1.3200 as US inflation-led blow jostles with sluggish oil – by anilpanchal7 USDCAD Oil Inflation Recession Fed
during early Wednesday. The Loonie pair’s latest gains could be linked to the US inflation data, as well as downbeat prices of Canada’s main export item WTI crude oil.
pays more attention to the recession woes than the fears of a supply crunch and the optimistic demand forecasts from the Organization of the Petroleum Exporting Countries .On Tuesday, US inflation data renewed fears of the Federal Reserve’s aggressive rate hike, as well as propelled the recession woes. Also favoring the USD/CAD bulls were the geopolitical concerns surrounding China and Russia. That said, US for August rose past 8.1% market forecasts to 8.3% YoY, versus 8.8% prior regains.
The inversion between the short-term and the long-term US Treasury bond yields also widened after US inflation data and propelled the recession woes, which in turn propelled the USD/CAD prices due to the pair’s risk-barometer status. That said, the US 10-year Treasury yields rallied to 3.412% and those for 2-year bonds increased to 3.76% following the data, around 3.41% and 3.745% respectively at the latest.
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