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The Canadian dollar strengthened to a one-week high after US inflation data showed the smallest annual rise in two years. Canadian bond yields fell sharply, tracking US Treasuries, and the loonie gained against the greenback.
Softer US inflation weakens the dollar and reduces expectations of further US rate hikes, which supports US export competitiveness for grains and oilseeds. It is a currency reaction to a data release already reported elsewhere.
theglobeandmail.comNov 14, 2023After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
