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10.10.2019: USD rebounds despite pressure (USDХ, USD/CAD)

On Thursday traders are opening mainly short deals on the US dollar. Despite selling, it is still trading at elevated levels. Amid jitters in financial markets, traders prefer to play safe keeping close tabs on any news from Washington.
On Wednesday investors were selling the US dollar ahead of the minutes of Fed’s latest policy meeting. Today the bearish sentiment comes from uncertainty in the US - China trade talks. Interestingly, the minutes of the September policy meeting made no impact on the US currency because the document did not shed light on a further pace of rate cuts. Importantly, financial markets are immune to most events at present except for the trade talks. In the North American trade, the US dollar perked up with its index trading at 98.72 against its rival currencies.
Investors pin hopes for a partial trade agreement between Washington and Beijing that has calmed down fears and eased demand for safe haven assets. Judging by the latest macroeconomic data from the US, the trade war has dealt a blow to the US economy. So, the White House may find it necessary to soften its rhetoric. Besides, Donald Trump is entering the presidential campaign for the second term.
As for the economic calendar, the highlight of the day is inflation data from the US. Consumer prices remained flat at 1.7% in September in annual terms. Nevertheless, this will not discourage the Federal Reserve to cut rates once again if Fed officials consider such a CPI gain to be a single spike. Market participants expected an uptick in consumer inflation to 1.8%.
Meanwhile, the Canadian dollar is gaining ground amid rising oil prices. However, it could not strengthen to the level below 1.33 versus its American rival. The USD/CAD pair is trading marginally higher at 1.3308 in the North American session.
In case the high-level trade talks between the US and China comes to a gridlock, stock markets will crash in response and the US dollar will assert strength as it has regained the status of a safe haven asset.

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