The US dollar remained within reach of a three-month high vs. the JPY during overnight trading, as expectations that the Bank of Japan will soon institute a new round of monetary easing weighed down on the yen. The EUR/USD fell close to 50 pips during the Asian session as concerns regarding when Spain will formally request a bailout package kept the common currency below its recent one-month high. Meanwhile, the price of crude oil continued to fall last night as concerns regarding a slowdown in the global economy generated supply side fears. The commodity, which is currently trading at the $88.30 level, has fallen close to $3 a barrel in the last 24 hours.
Main News for Today
Canadian Overnight Rate- 13:00 GMT
• The Canadian dollar has taken significant losses against the USD in recent days
• While the Bank of Canada is expected to keep interest rates at 1.00% today, any surprise moves could result in heavy volatility for the USD/CAD
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