US$ stronger on safe haven buying overnight as concerns over US-China trade negotiations continue. FOMC today, we are not expecting and surprises outside of the anticipated dovish statements. Our bias remains to look to for opportunities to buy US$ on any dips.
In Canada, the budget came out within expectations, but left some concerns of the governments ability to respond in the event of a recession. Overall the budget had limited impact on C$ which remained steady within its current range. We continue to look to buy US$ around these levels, with expectations we could see C$ weaken back to early January 2019 levels.
In other news, Brexit still dominates European markets, with the UK’s request for delaying exit appears to be running into some complications.