FED UNLIKELY TO MOVE AGGRESSIVELY AWAY FROM QE
• USD is stronger but DXY still down 3.1% from its May 23rd high.
• USD—Fed Bullard likely to focus on keeping QE until inflation firms.
• CAD is flat after rallying Friday in response to strong employment. CAD likely to outperform on crosses.
• EUR is flat; OMT comes under German constitution scope.
• GBP is weaker, on limited news flow.
• JPY is weak after a strong Q1 GDP upward revision; BoJ looms.
• AUD is weak, reacting to China’s soft data & technical selling pressure.
• CNY—China is on holiday after releases weak exports and loans.
Read the full report: FX Daily
Scotiabank