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The Canadian Dollar (CAD) is mostly steady on Tuesday as broad-market sentiment dictates the flow of CAD pairs as Loonie traders buckle down ahead of the Bank of Canada’s (BoC) latest rate call and subsequent press conference.
The EUR/USD tumbled into fresh lows for 2024, hitting its lowest bids in nearly six weeks after the Euro extended broad-market declines on the back of souring consumer sentiment and declining bank lending activity confirmed by the latest Bank Lending Survey from the European Central Bank (ECB).
The strong presence of the risk-off sentiment lent extra legs to the US Dollar and prompted a marked correction in the risk-linked galaxy on Tuesday, as market participants quickly digested the BoJ event and got ready for the publication of advanced PMIs on Thursday as well as the BoC interest rate decision.
Sellers won’t just let go. Extra weakness hurt the Aussie dollar and motivated AUD/USD to extend the negative performance for the second session in a row on Tuesday, exacerbating the gloomy start of the new trading week.
The Canadian Dollar (CAD) sees thin action on Monday to kick off the trading week with limited momentum across the major currency board.