The post USD/CAD weakens below 1.3700 ahead of FOMC Minutes appeared on BitcoinEthereumNews.com.

USD/CAD trades on a softer note around 1.3675 in Wednesday’s early Asian session.  Fed’s Powell sees progress on inflation, but he wants to see further evidence before cutting interest rates.  Canadian S&P Global Manufacturing PMI remained steady at 49.3 in June, weaker than expected.  The USD/CAD pair edges lower to 1.3675 during the early Asian trading hours on Wednesday, supported by the weaker US Dollar (USD). Traders will take more cues from the US ADP Employment Change, ISM Services PMI for June, and the FOMC Minutes, which are due later on Wednesday.  The Federal Reserve (Fed) Chair Jerome Powell turned slightly dovish on Tuesday, which has dragged the Greenback lower. Powell said that the Fed is getting back on the disinflationary path. However, Powell wants to see further evidence before cutting interest rates as the US economy and the labor market remain strong. Meanwhile, Chicago Fed President Austan Goolsbee said on Tuesday that progress on the final chunk of inflation heading towards the Fed’s 2% inflation target will happen faster than many expect. US JOLTS Job Openings climbed to 8.14 million in May, followed by the 7.91 million (revised from 8.05 million) openings reported in April. This figure exceeded the forecasts of 7.91 million, US Bureau of Labor Statistics reported on Tuesday.  On the CAD’s front, manufacturing activity in Canada remained weak in June as new orders declined and firms cut jobs for the first time in five months. The Canadian S&P Global Manufacturing PMI remains steady at 49.3 in June, weaker than the market estimation of 50.2. This figure registered the 14th straight month of contraction, the longest run in records dating back to October 2010. Traders will closely watch the Canadian employment data on Friday. The Unemployment Rate is expected to rise to 6.3% in June, while the Canadian economy is…

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Filed under: News - @ July 3, 2024 4:12 am