Gold has gone nuts. Yesterday it hit an all time peak of $2431.90USD then was "papered over" crashing the run.
There is a huge crisis brewing.
There is a huge crisis brewing.
Gold Price and Other Squirrely Shit In the Markets
- Thread starter petros
- Start date
Canadian dollar posts biggest weekly decline in 11 months
By Fergal Smith
April 12, 202412:11 PM CSTUpdated 2 days ago
TORONTO, April 12 (Reuters) - The Canadian dollar weakened to a near five-month low against its broadly stronger U.S. counterpart on Friday as investors seized upon recent economic data to bet the Bank of Canada would begin cutting interest rates before the Federal Reserve.
The loonie was trading 0.6% lower at 1.3765 to the U.S. dollar, or 72.65 U.S. cents, after touching its weakest intraday level since Nov. 14 at 1.3779.
For the week, the currency was down 1.3%, its biggest weekly decline since May 2023
"Even though the USD is being bid up across the board, you could see this (CAD weakness) brewing after the employment numbers last Friday," said Tony Valente, senior FX dealer at AscendantFX.
Data last Friday showed that Canada's economy surprisingly shed jobs in March and U.S. jobs growth beat expectations.
Since then BoC Governor Tiff Macklem has said a rate cut in June was possible, and U.S. data has showed consumer prices rising more than expected last month.
"With inflation remaining sticky, the Fed has no choice but to push back on rate cuts," Valente said.
Investors expect the Fed to wait until at least July before easing rates, while they see a roughly 50% chance of a first BoC rate cut in June.
By Fergal Smith
April 12, 202412:11 PM CSTUpdated 2 days ago
TORONTO, April 12 (Reuters) - The Canadian dollar weakened to a near five-month low against its broadly stronger U.S. counterpart on Friday as investors seized upon recent economic data to bet the Bank of Canada would begin cutting interest rates before the Federal Reserve.
The loonie was trading 0.6% lower at 1.3765 to the U.S. dollar, or 72.65 U.S. cents, after touching its weakest intraday level since Nov. 14 at 1.3779.
For the week, the currency was down 1.3%, its biggest weekly decline since May 2023
"Even though the USD is being bid up across the board, you could see this (CAD weakness) brewing after the employment numbers last Friday," said Tony Valente, senior FX dealer at AscendantFX.
Data last Friday showed that Canada's economy surprisingly shed jobs in March and U.S. jobs growth beat expectations.
Since then BoC Governor Tiff Macklem has said a rate cut in June was possible, and U.S. data has showed consumer prices rising more than expected last month.
"With inflation remaining sticky, the Fed has no choice but to push back on rate cuts," Valente said.
Investors expect the Fed to wait until at least July before easing rates, while they see a roughly 50% chance of a first BoC rate cut in June.