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Loonie feels the blow sustained by Trudeau’s fiscal outlay

Loonie feels the blow sustained by Trudeau’s fiscal outlay

Yesterday’s throne speech saw these political and credit risks rise to the fore. In combination with the general risk-off tone in markets this week, the speech resulted in the loonie feeling the pressure, extending its slide back towards the 1.34 level – USDCAD is now trading 1.60% higher on the week.

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Fresh stimulus pledges from Trudeau falls short of political support and stokes fears of fiscal sustainability

Fresh stimulus pledges from Trudeau falls short of political support and stokes fears of fiscal sustainability

The loonie continued to be punished in yesterday’s session as Parliament resumed in Ottawa to the sound of an ambitious fiscal plan from the Trudeau administration. While additional fiscal stimulus previously resulted in the respective currencies strengthening, due to the prospects of a quicker and more robust economic recovery, this wasn’t the case for the loonie in yesterday’s session.

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All eyes on Ottawa as Trudeau sets for the throne speech

All eyes on Ottawa as Trudeau sets for the throne speech

Prime Minister Trudeau is set to address these concerns today with his speech from the throne as Parliament is set to reconvene. Facing a confidence vote too, Trudeau could be sent back to face the electorate this year, but given the public health crisis, it is unlikely he will lose today’s vote.

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JPY gradually advances on the closing gap between the Fed and the BoJ

JPY gradually advances on the closing gap between the Fed and the BoJ

The BoJ brought no policy moves forward, but took an upbeat tone on the economic outlook. In contrast, the Fed’s move towards strengthened forward guidance moved it a step closer to the BoJ’s ultra-accommodative policy stance, raising the prospect of a structurally smaller difference between US and Japanese yields.

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Loonie gets hit by risk-off tone as oil heads back below $40

Loonie gets hit by risk-off tone as oil heads back below $40

CAD The Canadian dollar felt the brunt of yesterday’s risk-off tone, falling some 0.78% against the dollar as WTI slipped back below $40 a barrel. While little was released for Canada specific, the loonie was trampled by the general G10 FX move which saw the dollar...

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Corona-Comeback in Europe ahead of Autumn leaves markets in a stew

Corona-Comeback in Europe ahead of Autumn leaves markets in a stew

Bloomberg reported an emergency UK cabinet meeting to discuss potential increases in restrictions as the UK saw more than 8,000 new infections over the weekend. The Netherlands reported record surges over the weekend while France saw infections increase to peak levels last seen in April.

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Meet the team

Ranko Berich

Ranko Berich

Head of Market Analysis

Ranko Berich heads up the team of analysts at Monex Canada and Monex Europe. The analysis team provide timely insight and commentary on developments in currency movements and their drivers.
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Simon Harvey

Simon Harvey

FX Market Analyst

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Olivia.Alvarez

Olivia Alvarez

FX Market Analyst

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