FX Brief: Greenback on the Back Foot Again as Debt Ceiling Debate Revived
- US PPI (June) came in a tick better than expected at 1.7% y/y vs. 1.6% eyed. Core PPI came in at 2.3% vs. 2.1% expected. Despite the higher-than-expected inflation readings, the Fed is still almost certain to cut interest rates at the end of this month.
- US Treasury Secretary Mnuchin declared that the US may hit its debt ceiling before Congress returns from summer recess, meaning that a deal is necessary by the end of the month.
- USD/CAD is set to close at a year-to-date low below key previous support at 1.3050.
- The Aussie was the strongest major in a risk-on day; the US dollar was once again the weakest major currency.
- See the key trends and data releases we’ll be watching in the coming week!
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