Federal Chair Jerome Powell said that a new inflation report released Friday is 'along the lines of what we want to see,' sticking to an assertion that inflation is still on a 'bumpy path' down to 2%.
Federal Chair Jerome Powell said that a new inflation report released Friday is 'along the lines of what we want to see,' sticking to an assertion that inflation is still on a 'bumpy path' down to 2%.
During the Asian session on Wednesday, the USDCAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to a surplus in API Weekly Crude Oil Stock, indicating an oversupply. Bank of Canada (BoC) Senior Deputy Governor Carolyn Rogers raised concerns about Canada's low productivity and highlighted inflation concerns. Meanwhile, the US Dollar Index (DXY) rose amid a risk-off sentiment ahead of the US Personal Consumption Expenditures (PCE) release, but declining US Treasury yields suggest market expectations of potential rate cuts by the US Federal Reserve.
The Japanese Yen (JPY) struggles to capitalize on the previous day's modest recovery against its American counterpart from the lowest level since 1990 and edges lower during the Asian session on Thursday.