USD/CAD bears take a breather above 1.3400 as Oil retreats, US PCE inflation eyed – by anilpanchal7 USDCAD RiskAppetite Oil PMI Inflation
China data, cautious mood ahead of the key US statistics probes US Dollar bears.US Core PCE Price Index, ISM Manufacturing PMI and Canada S&P Global Manufacturing PMI will decorate calendar.pares intraday losses around 1.3425 amid dicey markets during early Thursday, especially after the previous day’s heavy momentum.
WTI crude oil prints mild losses around $80.60, pausing the three-day uptrend near the weekly high, amid speculations that the global oil producers may announce no policy change during this weekend’s OPEC+ meeting. Also likely to have probed the oil buyers could be the higher US supplies as Reuters quotes the US Energy Information Administration as saying, “US crudeoutput surpassed 12 million barrels a day, the highest since before the onset of the coronavirus pandemic.
Previously, Fed’s Powell stated that it makes sense to moderate the pace of interest rate increases while also suggesting that the time to slow the pace of rate hikes could come as soon as the next meeting in December. On the same line was a member of the Fed Board of Governors Lisa D. Cook who praised the inflation data to signal that the Fed would likely take smaller steps as it moves forward.
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