Market News

The dollar rose against a basket of currencies on Tuesday, rebounding from a two-month low hit the previous day, as risk sentiment improved and the confirmation hearing of new Federal Reserve chair Jerome Powell kicked off.

The vulnerabilities created by Canada’s high household debt and hot housing market remain elevated but should ease over time amid improving economic conditions and tighter mortgage rules, the Bank of Canada said on Tuesday.

The U.S. Federal Reserve should “respond decisively” to any new economic crisis, Fed chair nominee Jerome Powell told the Senate Banking Committee on Tuesday, positioning himself as an heir to the central bank policies of current chair Janet Yellen and her predecessor Ben Bernanke.

OPEC is heading for tougher-than-expected policy talks this week as its leader Saudi Arabia pushes to extend oil output cuts by nine months while non-member Russia is hesitating on the curbs’ duration due to worries that the market could overheat.

The dollar was stuck near a two-month low on Tuesday as traders waited for the confirmation hearing of new Federal Reserve chair Jerome Powell, while the pound slipped from a two-month high as Brexit-related doubts began to re-exert their grip.

Choppy session today, but a few themes were clearly playing out, namely GBP weakness because of renewed Brexit-related jitters, AUD strength due to the risk-on vibes, and (strangely enough) CHF resilience.

Britain’s banks all avoided bills for more capital in annual stress tests for the first time since 2014, but the Bank of England warned of pain ahead if there is no Brexit deal and said the country’s current account deficit posed a big risk.

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Oil prices slipped in Asian trade on Tuesday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.

Shanghai nickel futures tumbled more than 4 percent on Tuesday to their lowest since mid-October as reforms in China threaten steel-intensive infrastructure projects.

A pretty quiet day for the major currencies, as a lack of economic reports inspired tight ranges and focused investors’ attention on central bankers’ speeches.

Net bearish bias on USD finally increased after falling for seven consecutive weeks. And the latest COT report shows USD lost ground to EUR, JPY, and GBP because GBP bulls charged in while JPY and EUR bears fled.

The Keystone crude oil pipeline will restart at reduced pressure on Tuesday, TransCanada Corp said, nearly two weeks after closing the line after it leaked 5,000 barrels of crude in rural South Dakota.

Jerome Powell, the nominee to chair the Federal Reserve, defended the Fed’s use of broad crisis-fighting powers in remarks prepared for his Tuesday Senate confirmation hearing.

The dollar was off to a topsy-turvy start on Monday then eventually ended mixed against its rivals. There wasn’t much on the data docket, so traders paid closer attention to speeches from central bankers instead.

The Canadian dollar turned weaker against its U.S. counterpart on Monday, as U.S. oil prices pulled back from a two-year high amid uncertainty about Russia’s resolve to extend output cuts at a meeting of producing countries this week.

The dollar shook off initial weakness to edge higher against a basket of other major currencies on Monday as traders braced for the resumption of deliberations on the U.S. tax plan and the confirmation hearing for Federal Reserve Governor Jerome Powell as the central bank’s next chair.

President Donald Trump was to meet with Senate Republican tax-writers on Monday at the White House to scope out an end-game strategy for sweeping tax legislation, ahead of a crucial vote on the Senate floor that could come as early as Thursday.

Sales of new U.S. single-family homes unexpectedly rose in October, scaling their highest level in 10 years amid robust demand across the country, offering a boost to the housing market.

The dollar drifted lower against a trade-weighted basket of its rivals on Monday, extending a three-week losing streak, though investors were wary of driving the currency lower before a couple of event risks this week.