Dollar Dropped On The Weak Data. Dollar slid after downbeat U.S. economic data, the lack of resolve from the FOMC and Trump’s fallout. The building permits and housing starts figures tumbled as survey revealed that homebuilders are finding it more difficult to find skilled workers to complete the jobs and that the rising cost of materials is also weighing on profitability. After the release of the FOMC minutes dollar bulls were disappointed to find out that Fed officials were still unable to set a date for the runoff. Adding salt to the dollar’s wounds was the fallout from Trump’s response to the events in Charlottesville.
CAD Rallies As Fed Minutes And Trump Pressure USD. The Canadian dollar rebounded against greenback from a one-month low hit the day before, driven by a broad-based retreat in the U.S. dollar on the back of Federal Reserve concerns over inflation.
Oil Falls On Glut Concerns. Crude oil tumbled nearly 2% as the Energy Information Administration’s latest report showed that US domestic production hit its highest level in two years. Market participants have been concerned that rising production in North America will continue to counterbalance OPEC and Russia’s efforts to freeze output to support oil prices.