Daily digest market movers: Canadian Dollar loses race with Greenback to the bottom
- CAD softened on Tuesday yet gained one-quarter of one percent against the USD.
- US PPI inflation ticked down to 2.2% YoY in July, less than the forecast for 2.3% and easing further back from the previous period’s revised 2.7%.
- Cooling US inflation figures battered the Greenback, sending the USD down across the board.
- Markets still await Wednesday’s US CPI inflation print, expected to fall in-line with overall declining inflation pressures.
- Rate markets see greater-than-even odds of a double cut of 50 basis points in September from the Fed, up from the start of the week but still below last week’s 70% high.
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