USD Trading Outlook (04-12-2012)
U.S. Dollar Trading (USD) a miss on the November US manufacturing PMI overnight prompted a pullback in stocks during the New York session but this didn’t translate into safe haven demand for the Dollar. Instead the market has taken the view that the weak US data will lead to more QE from the FOMC at next week’s meeting and more USD weakness as a result. November ISM Manufacturing at 49.5 vs. 51.7 previously. Looking ahead, Bank of Canada Rate Decision forecast to hold at 1.0%.
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