C$ pulls back from 2-week high on Wall Street jitters

TORONTO, June 3 - The Canadian dollar edged lower against its U.S. counterpart on Monday, with the currency pulling back from an earlier two-week high, as equity markets fell and investors braced for the potential start of Bank of Canada interest rate cuts.

"It looks like the softer U.S. manufacturing data weighing on equities ultimately has won out on the session and given the CAD a turn back lower," said Amo Sahota, a director at Klarity FX in San Francisco. U.S. crude oil futures settled down 3.6% at $74.22 a barrel as investors digested the complex deal brokered by producer group OPEC+ to extend various layers of output cuts.

"I think traders are trying to avoid a directional break in the loonie until they see the BoC policy print this week," Sahota said."A policy cut is priced in to the swap market, but spot FX is still exposed to volatility on the messaging this week."

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street euphoria vs. Main Street angst: Mind the gapIn the ongoing story of the ‘haves’ and ‘have nots’, Jay Woods, Freedom Capital Markets' chief global strategist, explores the current environment of the...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Wall Street sees gold prices challenging $2,500 next week, Main Street sentiment is more restrainedThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Wall Street back on the bullish bandwagon, Main Street still doubts gold’s upside potentialThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Stock market today: Wall Street pulls back, trimming its gains for MayNEW YORK (AP) — Stocks are pulling back and trimming their gains for May. The S&P 500 was 0.8% lower in early trading Wednesday and edging further below its record set last week.
Source: SooToday - 🏆 8. / 85 Read more »