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12 Mar 2025

USD steadies, undertone remains weak – Scotiabank

The US Dollar (USD) is trading a little higher overall on the session, but gains are limited and price action suggests the DXY is consolidating recent losses, rather than reversing, at this point, Scotiabank's Chief FX Strategist Shaun Osborne notes. 

USD consolidates recent losses but focus on growth/yields remains

"Stock market sentiment has improved a little, despite US steel and aluminum tariffs coming into force and the EU announcing retaliatory measures on some US goods. Global bonds are steady (Treasurys) to slightly softer (European debt) while crude oil is a little firmer on the session." 

"More generally, steadier stocks—now the S&P 500 has reached 'correction' territory—may help the USD stabilize for the moment. The USD moves inversely with equities more typically as heightened equity volatility usually drives 'haven' demand for it." 

"Equity market losses, reflecting a ratcheting up of tariff threats, is very much a 'made in the USA' issue so the USD may trade more in line with equity sentiment for now. A further drop in the US main averages after the S&P’s cumulative 10% drop from the February high, will add to USD headwinds as investors reconsider the 'US exceptionalism' narrative."

Mar 12, 2025

United States Consumer Price Index Core s.a climbed from previous 324.74 to 325.48 in February

United States Consumer Price Index Core s.a climbed from previous 324.74 to 325.48 in February
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Mar 12, 2025

CAD trades steadily on the day – Scotiabank

The Canadian Dollar (CAD) is moderately higher (with the MXN) as 25% steel/aluminum tariffs were enforced as of midnight.
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