The post Canadian Dollar backslides on data-light Tuesday as US markets return to the fold appeared on BitcoinEthereumNews.com.

US markets return after long weekend, Fedspeak to dominate. Canadian Dollar recedes as investors shrug off low-tier CAD data. Canada saw an uptick in industrial and raw materials inflation in April. The Canadian Dollar (CAD) is broadly softer on Tuesday, paring away some of the gains found at the start of the trading week. Fedspeak is set to dominate the headlines as investors buckle down for the long wait to US Gross Domestic Product (GDP) and Personal Consumption Expenditure (PCE) inflation due on Thursday and Friday, respectively. Canada reported an uptick in industrial inflation in April to little market reaction as investors focus on statements from Federal Reserve (Fed) officials. Broad market sentiment took a hit last week after markets were forced to re-price odds of a September rate cut, and traders are looking for firmer signs of rate cut plans from Fed central planners. Daily digest market movers: Canadian producer-level inflation ticks higher once again Canadian Industrial Product Prices rose 1.5% MoM in April, reversing the forecasted decline to 0.6% from the previous 0.9%. Canadian Raw Material Price Index also accelerated in April, rising 5.5% against the previous month’s 4.3% (revised down from 4.7%). Median market forecasts had expected a print of 3.2%. Comments from Fed officials continue to dominate the market as investors continue to hope for signs of interest rate cuts despite a firmly cautious lean from policymakers. Canadian Current Account slated for Thursday to be overshadowed by US Q1 GDP, while market reactions to Canadian Q1 GDP on Friday will be entirely engulfed by US PCE Price Index inflation. Markets are expecting a downturn in US GDP, while US PCE inflation is forecast to hold in-line with previous figures, but rate cut hopes could be tainting the picture. Canadian Dollar PRICE Today The table below shows…

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Filed under: News - @ May 28, 2024 7:12 pm