From Marc Chandler at Bannockburn Global Forex:
The US dollar is enjoying a slightly firmer tone against most of the G10 currencies. However, for the most part, ranges tend to be narrow, and the consolidative one seen this week persists. Oil prices have extended their pullback amid reports that Iran and Oman are discussing an “interim framework” to re-open the Strait of Hormuz. The US is reportedly preparing for its diplomats to return to embassies in the region, which is seen as a sign that the administration does not anticipate renewed full-scale hostilities.
The US has threatened more retaliation against Canada as the trade war broke out when trade talks failed has pushed the Canadian dollar to a new low for the week. The US dollar is trading near CAD1.3870 after it settled last week near CAD1.3760. More broadly speaking, backed by firmer US rates, we see scope for additional dollar gains in North America....
....MUCH MORE
