- December 4, 2018
- Posted by: Joey Benedid
- Category: Market News
The dollar index (DXY) is lower led by a stronger Yen as U.S. 10yr Treasury yields drop to their lowest level in 3 months on dovish FED concerns. Global equities are in negative territory and oil is clinging to recent gains as markets await confirmation from OPEC regarding production cuts. With little on the docket today for data releases or newsworthy events participants will key off North American equities keeping one eye open towards oil.
USD/CAD remains near yesterday’s lows after attempting, and failing, to sustain levels above 1.3220 yesterday afternoon. As discussed yesterday, the tone of BoC Governor Poloz’s rate statement Wednesday and his follow-up speech Thursday morning will be key for the Canadian dollar. Combine this with OPEC’s Thursday decision on the fate of oil & Friday’s Canadian employment data and you have the potential for a very volatile remainder to our trading week.