{"id":86570,"date":"2023-07-14T20:39:00","date_gmt":"2023-07-14T16:39:00","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=86570"},"modified":"2023-07-14T21:21:56","modified_gmt":"2023-07-14T17:21:56","slug":"canadian-dollar-corrects-post-us-consumer-sentiment-data","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/canadian-dollar-corrects-post-us-consumer-sentiment-data\/07\/14\/market-updates\/","title":{"rendered":"Canadian dollar corrects post US Consumer Sentiment data"},"content":{"rendered":"\n<p>The Canadian Dollar has reacted to the latest performance by the US Dollar as well as the expectations on the US interest rates, leading to a rebound in the USD\/CAD exchange rate. <br><br>The Michigan Consumer Sentiment Index for June beat expectations, improving the US economy&#8217;s outlook and supporting the US dollar. The US Bureau of Labour Statistics released PPI data for June, but the results came out lower than expected.<br><br>The softer inflation data supports the narrative initiated by Wednesday&#8217;s Consumer Price Index data miss. The CME FedWatch Tool calculates probabilities of future rate decisions based on the price of Fed Funds Futures.<br><br>The US PPI dropped to 0.1% YoY, falling way below estimates of 0.4%. Core PPI (excluding Food &amp; Energy) slowed to 2.4% from 2.8% at the same time in 2022, below estimates of 2.6%. <br><br>The Canadian Dollar also traded higher after the BoC raised interest rates by 0.25%, bringing the overnight rate to 5.0% at its meeting on Wednesday. Governor Tiff Macklem stressed future policy decisions would be dependent on incoming data, leaving markets unclear on whether this would be the BoC&#8217;s last hike in the tightening cycle.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian Dollar has reacted to the latest performance by the US Dollar as well as the expectations on the US interest rates, leading to a rebound in the USD\/CAD exchange rate. The Michigan Consumer Sentiment Index for June beat expectations, improving the US economy&#8217;s outlook and supporting the US dollar. The US Bureau of &hellip;<\/p>\n","protected":false},"author":13,"featured_media":61177,"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":[7435,7014,9681],"class_list":["post-86570","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-canadian-dollar","tag-consumer-sentiment","tag-ppi-data"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86570","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=86570"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86570\/revisions"}],"predecessor-version":[{"id":86580,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/86570\/revisions\/86580"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61177"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=86570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=86570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=86570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}