USD Still Cheap?
USD - US Dollar
The USD Index continues to linger under 103.00, with market participants eyeing data releases including PPI and February's Retail Sales. These data points could sway sentiment about the Federal Reserve's schedule for reducing interest rates. Given the ascent of the 10-year US Treasury bond yield past 4.2% and ambiguous indications from futures of US stock indexes, markets will continue to monitor data releases and their influence on the US Dollar.
CAD - Canadian Dollar
The CAD is seeing gains for a second consecutive day supported by stable oil prices. Even though the BoC has opted to maintain interest rates, the prevailing market view is that any future rate cuts by the BoC will probably be in line with the Federal Reserve's moves, which could provide additional support for the CAD going forward. Not much happening data-wise this morning with only Canadian Manufacturing Sales on tap this morning. External factors will likely drive the CAD over the coming days. Observe USD/CAD trends.
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