FXstreet.com (Barcelona) - With the FOMC monetary policy to be announced tomorrow, the just released Chicago PMI surprised the market participants by rising from 52.9 to 53.7 in July instead of dropping to 52.5. Also surprising was consumer confidence in the US as it rises from 62.7 (revised from 62.0) to 65.9. Consensus was for a decline to 61.8. This rising figures pose against easing from the Fed, although several other indicators would “be in favor”.
The market is standing relatively still around 1.0030 as it edges higher on the day after having practically tested parity by reaching as low as 1.0003.
MIG Bank analysts are long on the USD/CAD after breaking below 1.0066/63: “We see scope for a minimum recovery higher from the current region”, wrote analyst Bijoy Kar.