USD WEAKENS AS SUMMERS WITHDRAWS CANDIDACY
* USD is weak reacting to Summer’s decision to withdraw his candidacy.
* USD neg—is Chair Bernanke the most likely contender for Fed Chair?
* CAD is strong reacting to potential changes at the Fed; household debt rises to new record putting pressure on the BoC.
* EUR is strong; Draghi reiterates forward guidance; CPI as expected.
* GBP is strong leading into a big week of BoE minutes & inflation.
* NOK is strong leading into the Norges Bank meeting on Thursday.
* JPY is strong reacting to the Fed, while markets are closed for holiday.
* AUD is outperforming, up 1.5%, leading into the RBA minutes.
* Today: empire manu, industrial production & Cdn int’l securities.
Read the full report: FX Daily
Scotiabank