Loading…
BMO's Douglas Porter noted the Canadian dollar rose above 76 US cents in a week of tentative deals, including a preliminary US-China Phase 1 agreement and a Brexit arrangement. The loonie was up 3.8% year to date and was the strongest major currency in 2019.
The rise was mainly driven by a broad weakness in the US dollar.
Broad US dollar weakness and risk-on sentiment from trade progress shift currency values that influence the export competitiveness and import costs for feed commodities.
economics.bmo.comDouglas Porter , CFAOct 18, 2019Not enough comparable past events yet for a historical read.
After 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.
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.
