The US$ fell to a six-week low yesterday before rebounding this morning on news that the Federal Reserve wouldn’t raise rates for the rest of the year. A re-test of the lows is likely over the next couple of days providing a buying opportunity with a view towards continued US$ strength.
The C$ is weaker this morning after two days of unusual strength. However, despite higher oil and metal prices the overall economy remains weak, so the trend in C$ remains down.
The EUR and GBP are weaker this morning and will likely trade in a volatile range, until Brexit is resolved.
- Drummond Gill