JPY/CAD Propels Higher
Traders sent the Yen and Loonie higher in the Monday session, both propped to multi-week highs versus the dollar.
The prevailing theme continues to be yen strength on market sentiment for an impending change in the Bank of Japan’s current ultra-easy monetary policy.
Meanwhile, the Canadian dollar was rewarded for a record current account surplus in the fourth quarter.
US January home sales fell to 1.233 mln units, versus an upwardly revised December figure at 1.298 mln units.
Home sales of single-family homes were down 5.0%, compared with a 3.8% rise in the previous month.
US economic data slated for Tuesday include Q4 preliminary GDP, January existing home sales, February consumer confidence and February Chicago PMI.
The US economy is forecasted to have grown by 1.6% in Q4, up significantly from the previous quarter at 1.1%.