USD strengthens after announcement on Powell’s comments

By MoneyWay | May 2, 2019

While the Federal Reserve’s announcement basically came in as expected, rates on hold, it wasn’t until after that at the news conference that Jerome Powell acknowledging better financial market conditions and his view that the low inflation data was “transitory”, which indicates that the FED is in no hurry to cut rates. The USD rallied on these comments.

The Canadian dollar has also reacted to the drop in oil, which has fallen 4% this morning, yesterday’s growing inventory numbers and higher Russian production offset any chances of a potential squeeze.

Currently             Close                     Range

USDCAD               1.3474                   1.3446                   1.3431-1.3477

EURCAD               1.5070                   1.5053                   1.5031-1.5081

GBPCAD               1.7564                   1.7549                   1.7507-1.7582

                                                                                                Prior                      Actual

US:   Jobless Claims wk4/27                                          230K                      230K

         Factory orders March                                           -0.3%                     1.9%

         Productivity & Costs Q1

                Nonfarm productivity Q/Q                           1.3%                      3.6%

               Unit Labour costs Q/Q                                    2.5%                   -0.9%

Visit us in-store for the best rate!

Where to Find Us

Get Daily Rates in Your Email Inbox