Yuan plummets, dollar pushes toward eighth weekly gain
Faith in a US soft landing – bolstered by yesterday’s surprise drop in initial jobless claims – seems to be on shakier ground this morning. Equity futures are broadly lower, Treasury yields are slipping, and the dollar is down almost imperceptibly – although it remains on course toward closing out an eighth week of gains against its major counterparts. The Canadian dollar is essentially unchanged after Governor Tiff Macklem hinted that the Bank of Canada’s monetary tightening cycle was drawing to a close. “With past interest rate increases still working their way through the economy,” he said “monetary policy may...