CAD

Good morning. The dollar is edging lower and trading ranges are narrowing across currency markets ahead of the personal consumption expenditures report—the Federal Reserve’s preferred inflation gauge—at 8:30. Evidence of resilient underlying price pressures might reignite the dollar’s rally—or a softer reading could open a wider reappraisal of the higher-for-longer policy expectations that have driven the currency’s outperformance over the past week. Equity markets are setting up for gains at the open after a blowout forecast from Micron restored confidence in the artificial intelligence boom. The memory-chip maker provided a quarterly revenue outlook well above analyst estimates, sending its shares...

Good morning. The trade-weighted dollar is holding near a sixteen-month high, Treasury yields are slipping, and US equity futures are rebounding after a steep technology-led selloff earlier in the week. Oil prices are slipping as markets brace for the release of millions of barrels in pent-up supply. Physical flows through the Strait of Hormuz are beginning to resume as tankers get underway and a US waiver on Iranian exports takes effect, pushing prices on floating cargoes lower. Front-month Brent futures are trading near $75 a barrel and West Texas Intermediate around $71—roughly 25% above pre-war levels, but down sharply from...