Greenback Remains Heavy

Both Canada and the US report December portfolio flows today, but these reports tend not to be market-movers. The Empire State manufacturing survey for February, among the first economic readings for a new month, is on tap, and it poses some headline risk. Four Fed officials speak throughout the day, ahead of tomorrow's release of the minutes from last month's meeting. Canada also reports January existing home sales. Outside of weekly reserve data, Mexico's calendar is light.

The US dollar is weaker for the third consecutive session against the Canadian dollar, but the downside momentum appears to be stalling near CAD1.2600. Recall that last month, the US dollar briefly dipped below there for the first time since April 2018. It reached a high of around CAD1.2880 before trending lower here in February. The CAD1.2660 area offers the nearby cap. The greenback's downside momentum against the Mexican peso appears to be faded as well. In recent sessions, it has found a bid near MXN19.90. The pre-weekend high was a little below MXN20.08, and a move above there now would lend credence to ideas that a near-term low is in place.

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Read more by Marc on his site Marc to Market.

Disclaimer: Opinions expressed are solely of the author’s, based on current ...

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