Oil
Loses Ground, USD Higher
The greenback firmed across the board, rallying
to 1.7783 against the pound and 0.8272 versus
the Aussie on the heels of further weakness in
crude oil, which eased to its lowest level since
January down nearly 5% to $109.71 per barrel.
Economic reports released earlier saw August manufacturing
ISM reveal contraction in the sector, at 49.9
versus 50 from July. In the coming session, markets
will look ahead to August Challenger layoffs,
July durable goods, and factory orders. The key
highlight will be Friday's US jobs data, expected
to post more job loss with non-farm payrolls at
-73k.
The Bank of Canada will also will announcing
the results of its policy deliberation tomorrow
at 9:00 AM, with no change expected. The Loonie
traded at a one-year low against the greenback,
falling to 1.0746 amid weakening crude oil.
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