Forex: USD/CAD slightly higher in European trading
_iNVEZZ.com Thursday July 11th:_ The Canadian dollar has given ground against the greenback in early European trading today following an uptick during the Asian session, when the USD/CAD descended to a three-week low at 1.0324. Currently the pair is trading slightly up around 1.0380, but still close to its lowest exchange rate since June 20.
Yesterday the loonie gained 1.38 percent on the USD following the release of the minutes of the Fed’s June policy meeting.
The minutes didn’t significantly alter expectations about when the US central bank might begin tapering its bond-buying programme, but did reveal the extent of division on point amongst FOMC members, so fuelling ongoing volatility in the currency markets.
The FOMC meeting yesterday was followed by Federal Reserve chairman Ben Bernanke speaking at during a conference organised by the National Bureau of Economic Research. Bernanke warned that the full impact on the economy was yet to be seen of steep government spending cuts initiated in March, and he underscored the need for more stimulus support from the Federal Reserve, with the labour market remaining weak and inflation too low.
The Canadian New Housing Price Index for May on an annual and monthly basis is due to be released at 13:30 BST today.
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