RBA SUPPORTS AUD; WHILE CAD AWAITS BOC ON WED
• USD is broadly weaker – markets await Bernanke’s testimony (Wed).
• CAD is flat as market debates whether Poloz keeps hawkish bias.
• USDCAD technicals warn of near-term downside; med-term upside.
• EUR is up 0.5% proving resilient in the face of disappointing German ZEW and rising political tensions across Europe.
• GBP is flat as inflation pressures ease, providing flexibility to the BoE.
• JPY is up 0.5% dragged up by a weak USD in a quiet trading session.
• AUD is up 1.3% as RBA minutes ties level of AUD to policy and push out expectations for another cut. Technicals suggest 0.90 to 0.9345 range.
Read the full report: FX Daily
Scotiabank