Today’s Notable Sentiment Shifts
CAD – The Canadian dollar weakened on Tuesday, giving back some of the previous day’s sharp gains as oil prices fell, with WTI slipping below $90 per barrel.
Commenting on CAD’s performance, OANDA noted that “Some of that weakness has been attributed to the pullback we’re seeing with crude prices. The relentless rally with oil seems to be showing some exhaustion.”
EUR – The euro weakened for a second day on Tuesday as market participants continued to reassess the ECB’s policy outlook as ECB members continued to push back against last week’s hawkish monetary policy meeting.
During her testimony on Monday, ECB President Lagarde attempted to taper expectations of aggressive interest rate hikes, arguing that high inflation is unlikely to get entrenched. While ECB’s Hernandez stressed on Tuesday that any central bank move “has to be gradual.”
Commenting on CAD’s performance, OANDA noted that “Some of that weakness has been attributed to the pullback we’re seeing with crude prices. The relentless rally with oil seems to be showing some exhaustion.”
EUR – The euro weakened for a second day on Tuesday as market participants continued to reassess the ECB’s policy outlook as ECB members continued to push back against last week’s hawkish monetary policy meeting.
During her testimony on Monday, ECB President Lagarde attempted to taper expectations of aggressive interest rate hikes, arguing that high inflation is unlikely to get entrenched. While ECB’s Hernandez stressed on Tuesday that any central bank move “has to be gradual.”
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