The Canadian dollar weakens sharply today
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The post‐FOMC rally on equity markets ran into resistance today with European shares losing about 0.5%. US Equities opened lower too in an uneventful session.
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The IMF called on euro zone governments to take bolder action to ease Greece's debt burden, saying that measures currently on the table do not go nearly far enough to address the country's chronic problems.
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Fed's Rosengren warned today the US central bank's failure to get back to a strategy of gradual rate increases may threaten the ongoing US economic recovery. Rosengren added that a significant overshoot of full employment could shorten the recovery.
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The Canadian dollar weakens sharply today, ending a four day winning streak, after a set of disappointing eco data. Core retail sales dropped for a second straight month in July and also inflation data came out well below expectations. Core inflation dropped to 1.8% Y/Y, its lowest level in two years.
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Brent crude oil prices are trading higher for a fourth straight session, hovering currently around $47.70/barrel. According to Reuters, Saudi Arabia could reduce its crude production should regional Iran cap its own output this year.
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