The Canadian dollar started today’s session as the best performing G-10 major currency since yesterday’s New York opening level. It is not much of a feat as the currency is only 0.31% higher, and a lack of actionable economic data left markets rangebound.
The Canadian dollar received a bit of support after analysts at Bank of America Global Research raised their forecast for Brent oil to $100.00/barrel. B of A believes that pent-up demand and limited supplies will drive prices higher.
The analyst is also forecasting that West Texas Intermediate (WTI) will touch $95.00/barrel. B of A joins Goldman Sachs and Glencore in the $100.00/b prediction club.
U.S. Federal Reserve Chair Jerome Powell testifies before the Senate Subcommittee on the Coronavirus Crisis today at 2:00 pm ET. His remarks are on the Fed website.
Powell cites four reasons for the increase in inflation in recent months. It is due to … Read more