Fed speakers still advocate rate rises despite worsening economy - Scotiabank

Analysts at Scotiabank explained that the USD retains a soft undertone, reflecting the disappointing run of data from the US in the past few days (weak Q2 GDP Friday, slightly disappointing ISM data and weaker construction spending data yesterday while Canadian markets were closed).

Key Quotes:

"Investors note that Fed speakers (Kaplan and Dudley) continue to refer to the potential for rates to rise this year and are looking at Friday’s US NFP data as the next significant check point for guidance on the USD’s route going forward."