The U.S. dollar was under pressure on Wednesday further to President Donald Trump’s comments that he would be prepared to shut down the government if Congress does not raise the federal debt ceiling.
Meanwhile, the loonie was not overly affected yesterday by Trump’s negative tone regarding free-trade negotiations. Our dollar took advantage of the weak U.S. dollar and WTI crude oil, which gained more than 1.6% over the day. U.S. Crude Oil Inventories fell for the eighth straight week, easing the supply glut.
Investors are eagerly awaiting comments from European Central Bank President Mario Draghi and U.S. Federal Reserve Chair Janet Yellen on Friday at the annual Jackson Hole Symposium on economic policy. Although the symposium is mainly an academic event, Draghi could be tempted to influence markets in order to rein in the rise in the euro, which is up more than 12% against the greenback this year.
Mark Donohue
Range of the day : 1.2490 – 1.2585