The Daily Chase: Reversal in FX market; BMO points feds to U.K. turmoil
BNN Bloomberg
The market pendulum has swung, and that’s immediately evident looking at global currency rates, as the U.S. dollar is pulling back (at least as of 5:50 a.m. EDT) against every major counterpart, while the British pound is in rally mode, climbing as much as one-and-a-half cents against the U.S. dollar.
FEDS SHOULD HEED 'WARNING SHOT' FROM U.K. TURMOIL: BMO
Robert Kavcic at BMO Economics is encouraging fiscal policymakers in Ottawa to take a lesson from the market's response (yesterday) to the U.K.'s tax cuts. "The unfolding troubles in the U.K. are a stark reminder that fiscal policy is not free to do whatever it wants, whenever it wants," he said in a blast to clients. His message to the government: it would be a "very wise move" to stay out of the way of Canada's improving fiscal outlook. We’re hoping to speak with him.
TRACKING STORM IMPACT
