Last week it was the worst
Last week there was fear about Mexican tariffs and this week there was relief. Or last week there was excitement about Fed cuts, now there is worry they won’t materialize.
I think it’s instructive to combine the past two weeks. That tells a picture of divergence among commodity currencies with CAD on top and AUD at the bottom. Canada has had a solid run of economic data and the BOC looks like it may be the last central bank to cut, at least among those with legitimate space above zero.