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Monex Monex

Monex's Comment & Analysis.
Access a complete archive of all posts and research produced by Monex, including current material.
A confused FOMC leaves the dollar in limbo By Monex - 27 minutes ago

CAD The Bank of Canada trimmed rates by 25bps in yesterday’s latest policy decision, matching consensus expectations and our own pre-announcement call. That said, with this decision close to being...

Tariffs threats should see further dollar upside By Monex - Jan 27, 2025

CAD Two factors should be top of mind for loonie traders this week – tariff risks and monetary policy. Regarding the former, events over the weekend should serve as a warning shot. We see only...

PMIs show a surprise bounce back in Europe By Monex - Jan 24, 2025

CAD A quiet end to the week for loonie traders should help focus minds on next week’s key events. Topping the docket, rate decisions from the FOMC and BoC should help shine a spotlight on the...

Markets begin to acclimatise to tariffs threats By Monex - Jan 23, 2025

CAD USDCAD drifted fractionally higher on Wednesday, in line with broader dollar moves. We see little reason for this dynamic to change today either. Of note domestically, retail sales data for...

More tariff threats on offer from Trump By Monex - Jan 22, 2025

CAD After trading north of 1.44 for much of the morning, USDCAD slipped back after lunch, helped by CPI readings that were somewhat hotter than they initially appeared. Markets had expected aggregate...

Tariff risks trigger a dollar whipsaw By Monex - Jan 21, 2025

CAD Perhaps unsurprisingly given the risk that tariffs pose to the Canadian economy, USDCAD saw a sharp reaction to tariff headlines on Monday, dropping from above 1.445 to almost 1.425. That slide...

Trump takes over By Monex - Jan 20, 2025

USD Despite the closure of many US markets for MLK day, Donald Trump’s inauguration will nevertheless keep market focus squarely on that side of the Atlantic to start the week, with the dollar likely...

Friday lull By Monex - Jan 17, 2025

CAD The Canadian dollar has not seen significant movement in response to yesterday’s data or news, with the focus primarily on global developments. As markets remain digesting the latest US economic...

The dollar remains dominant By Monex - Jan 16, 2025

CAD The Canadian dollar continues to face headwinds, driven by political uncertainty and tariff-related risks, which have kept USD/CAD near multi-year highs. With a relatively light economic calendar...

USD steady By Monex - Jan 15, 2025

CAD The Canadian dollar continued to trade near multi-year lows on Tuesday, hampered by political uncertainty at home and fears of new US tariffs under the soon-to-be-seated administration. With a...

Sterling startled By Monex - Jan 14, 2025

CAD With Canada at a political crossroads and damaging tariffs highly likely it is no wonder that USDCAD is trading at levels only seen twice in the last 10 years. There are no data releases of note...

USD strength By Monex - Jan 13, 2025

CAD USDCAD extended its recent strength during Asian trading hours on Monday. The potential US trade tariffs has recently dragged CAD lower against USD, its biggest trading partner. However, the...

Payrolls in focus to end the week By Monex - Jan 10, 2025

CAD It is not just the US that is due to receive a jobs report today. Canada is also set to see a new round of labour market data. Unlike the counterpart US readings, however, we expect prints north...

Sterling slips despite a lack of obvious catalysts By Monex - Jan 09, 2025

CAD In line with the greenback strength seen on Wednesday, USDCAD once again tested 1.44 before easing back through the evening. That said, given our call for further dollar upside, we think it is...

Trump risks light a fire under the dollar By Monex - Jan 08, 2025

CAD Despite Trump’s comments, USDCAD was remarkably stable through Tuesday trading. Granted, the pair briefly threatened to break below 1.43, but a rebound through afternoon trading saw just a 0.5%...

The dollar slips on tariffs rumours By Monex - Jan 07, 2025

CAD Political drama gripped loonie traders on Monday, with news that Justin Trudeau is set to resign representing the major non-US story to start the week. We would, however, note that he has vowed...

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