The US Dollar has regained some momentum and managed to climb against the Canadian counterpart. The USD\/CAD pair bounces off nearby the 50-day Exponential Moving Average (EMA) at 1.3532 and rises toward the 20-day EMA, during the first trading day of 2023 in the US session, so, the pair is trading at 1.3576 at the time of writing amid thin liquidity conditions after hitting a low of 1.3535.
Most markets are closed on the observance of new year eve. The lack of US and Canadian economic data keeps traders leaning on market mood.
European equities are maintaining positive performance and are seen higher in low-volume conditions. The US Dollar Index, a gauge of the buck\u2019s value against a basket of six currencies, advances 0.14% to 103.63, off six-month lows hit during the last week at 103.38.
Ahead of the week, Tuesday\u2019s economic docket will feature the S&P Global Manufacturing PMIs for both countries, with Canada\u2019s PMI expected to drop to 49.2, below the previous month\u2019s reading of 49.6. Concerning the US, the PMI is estimated to stay unchanged compared to November\u2019s 46.2 reading. <\/p>\n\n\n\n
Meanwhile, the ISM Manufacturing PMI reading for Wednesday is expected to further contract below the 49.0 mark, increasing the odds of a recession in the United States. US docket will release December\u2019s Federal Reserve (Fed) last meeting minutes, which would shed some light regarding the 2023 monetary policy overview.
<\/p>\n","protected":false},"excerpt":{"rendered":"
The US Dollar has regained some momentum and managed to climb against the Canadian counterpart. The USD\/CAD pair bounces off nearby the 50-day Exponential Moving Average (EMA) at 1.3532 and rises toward the 20-day EMA, during the first trading day of 2023 in the US session, so, the pair is trading at 1.3576 at the …<\/p>\n","protected":false},"author":13,"featured_media":70532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6864,10140,8324,7015],"class_list":["post-77758","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-european-stocks","tag-new-year","tag-us-dollar-index","tag-usd-cad"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=77758"}],"version-history":[{"count":4,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77758\/revisions"}],"predecessor-version":[{"id":77781,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77758\/revisions\/77781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70532"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=77758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=77758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=77758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}