The USD fell on Monday’s NY session. Traders expect the FED to shun talks of QE tapering and reducing their monthly bond purchases in steps after the BoC said it was tightening—remaining upbeat of its economy. The USDX was pinned at around 90 ahead of tomorrow’s FED Monetary Policy meeting where odds of the central bank keeping the status quo is high.
CAD is trading higher and could continue in the coming few sessions. Their decision to taper was interpreted as positive and a trigger that saw the Lonnie gain across the board. This week will see several banks, including the BoE, issue statements on their monetary policy and economic outlook. Any surprise from any of these banks would see their currencies either rise or dip in response.
Impact on the USD:
Neutral. Robust labor conditions and progress in containing the coronavirus pandemic in the U.S. are a boost for the greenback that may spring higher even if the FED shun from QE talks.
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