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Hardy: Staying positive on USD

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FX markets were eagerly anticipating the latest minutes from the FOMC, but in the end traders appeared to be looking the other way, says Saxo Bank’s John Hardy. The minutes revealed that the FOMC had a robust debate about a possible rate hike in June and that helped the positive outlook for USD.


John notes that the FOMC meeting took place before the release of weak US employment data, which is why he considers the reaction to the FOMC minutes to be, largely, measured.

John Hardy says USDCAD is one of the more interesting pairs to watch at the moment after it bounced on the latest US oil stocks data, which sent oil prices down – a key support for CAD.