USDCAD: open: 1.4292, overnight range,1.4232-1.4294, close 1.4242, WTI $69.65, Gold, $2637.76
The Canadian dollar is diving. In Ottawa, Finance Minister Chrystia Freeland refused to table the Fall Economic Statement.
Ms Freeland resigned, and Trudeau scrambled to find a new Finance Minister and Dominic Leblanc has accepted the job.
Canadian inflation numbers are due today, but they will not be a factor as the Bank of Canada is more concerned about weak economic growth.
US Retail Sales-ex autos are expected to have risen 0.5% m/m in November. (October 0.1%).
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EURUSD remains confined to a narrow 1.0479-1.0534 band, weighed down by a weak German Ifo survey. The report indicated deteriorating business sentiment, with the Ifo Business Climate Index dropping to 84.7 in December from 85.6 in November, marking its lowest level since May 2020. The decline was largely driven by increased pessimism about future conditions. Some of the negative impact was softened by an improvement in the German ZEW economic sentiment index, which climbed to 15.7 from 12.5.
USDJPY is moving within a tight 153.69-154.35 range, lacking a clear direction as traders remain cautious ahead of Friday’s Bank of Japan policy decision. Market pricing suggests only a 20% chance of a rate hike, keeping movements muted.
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