The ISM manufacturing number was really stronger than expected. Obviously we've seen a sell-off in the U.S. bond market. As a result of this, people are calling for one or two more Fed moves.
More Quotes from Firas Askari:
I don't think this is a bearish report because average hourly earnings are ticking up significantly, ... That is obviously a direct driver of inflation.Firas Askari
A lot of this is contingent on the Bank of Canada statement.
Firas Askari
We are seeing a lot of new buying of the Canadian dollar. The central bank continues to tighten and everyone is talking about the election. We expect continued strength in the Canadian dollar.
Firas Askari
I'm still looking for places to sell the dollar. We're assuming that the Fed is nearing the end of its tightening cycle. That's a reason to sell dollars.
Firas Askari
A conservative government tends to have a lower tax, less spending and small government. Financial markets generally approve of these things. So a majority conservative government is beneficial to the Canadian dollar.
Firas Askari
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