USD/CAD advanced to fresh two-month highs on Thursday as investors digested the US Federal Reserve’s (Fed) latest monetary policy meeting minutes, whi
ch portray board members as committed to achieving the Fed’s inflation target. Even though some board members are worried about overtightening, all the participants voted for a rate hike. The USD/CAD is trading at 1.3546, almost flat.
Wall Street finished the session with losses, while the greenback is trading almost flat, as shown by exchanging hands at 103.437. Data from the US Bureau of Labor Statistics reported a rise in unemployment claims last week, reaching 239K. This number was slightly below the estimated figure of 240K, indicating a resilient labor market.
In the wake of Wednesday’s data release, the Atlanta Fed GDPNow model has projected a growth rate of approximately 5.8% for the US Q3 2023 GDP. This is an increase from the 4.1% estimate recorded on August 8. Given these events, the swaps market has indicated an elevated likelihood of a 25 bps rate hike by the Federal Reserve at the impending November meeting.
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