Kevin Ford, FX and Macro Strategist

Hormuz crisis overshadows Central Bank week. Inflation cools before BoC meeting. Needs Hormuz, not the ECB, to find a floor.

Steepest job loss since 2022. DXY hits peaks despite weak data. No relief.

CAD’s ‘exceptionalism’ – for how long? Energy markets still in tension. Peso under pressure.

Cooling core inflation faces war risks. CAD’s ‘exceptionalism’, for how long? Next test sits near $1.35.

Is the ‘Trump put’ back in play? Rebounds from four-month low. Momentary relief.

Duration and degree.