Analysis and forecasts of major central banks' monetary policy and U.S., Canadian and provincial bond markets.
- Despite Uncertainty about the US Debt Ceiling, the Greenback Rose in
May!(PDF, 1.80 MB) - This link will open in a new window.
- May 31, 2023
- Recent Mostly Tailwinds for the Euro Again in April (PDF, 409 KB) - This link will open in a new window.
- April 27, 2023 - Recent Banking Turmoil Has Weakened the US Dollar (PDF, 440 KB) - This link will open in a new window.
- March 30, 2023 - The US Dollar Joins the Fun, Rising on Strong Economic Data and Higher Interest Rates
(PDF, 1.86 MB) - This link will open in a new window.
- February 16, 2023 - Markets Kick Off the Year on a Positive Note, Bolstered by Encouraging Inflation Data
(PDF, 1.9 MB) - This link will open in a new window.
- January 11, 2023
- Potentially Less Depreciation than Expected against the US Dollar for the Rest
of the Year (PDF, 1.81 MB) - This link will open in a new window.
- November 24, 2022 - Several Currencies Have Bounced Back against the US Dollar, but Further Turbulence Is
Expected (PDF, 1.84 MB) - This link will open in a new window.
- October 27, 2022 - A New Wave of Worries Undermines the Pound and the Euro (PDF, 1.85 MB) - This link will open in a new window.
- September 28, 2022 - No Slump in Sight for the Greenback This Fall (PDF, 1.89 MB) - This link will open in a new
window.
- August 31, 2022 - The Euro Takes a Beating (PDF, 1.80 MB) - This link will open in a new window.
- July 20, 2022 - A Worsening World Economic Situation Should Keep the Greenback Afloat a While Longer (PDF, 1.81 MB) - This
link will open in a new window.
- June 29, 2022 - The FX Market Takes a Breather (PDF, 419 KB) - This link will open in a new window.
- May 31, 2022 - The US Dollar Is at Its Highest since 2002 (PDF, 424 KB) - This link will open in a new
window.
- April 28, 2022 - Commodity Currencies Strengthen (PDF, 421 KB) - This link will open in a new window.
- March 31, 2022 - The Conflict in Ukraine Delays the Greenback's Depreciation (PDF, 424 KB) - This link will open in a new
window.
- February 28, 2022 - The U.S. Dollar Rebounds on Greater Financial Market Volatility (PDF, 420 KB) - This link will open in
a new window.
- January 25, 2022
- Omicron Raises the Volatility of Exchange Rates (PDF, 432 KB) - This link will open in a new
window.
- December 21, 2021 - New Momentum for the U.S. Dollar (PDF, 430 KB) - This link will open in a new window.
- November 24, 2021 - The Canadian Dollar Regained Strength in October, and the Momentum Could Continue (PDF, 430 KB) - This link
will open in a new window.
- October 28, 2021 - U.S. Dollar Lifted Higher on China Concerns (PDF, 426 KB) - This link will open in a new
window.
- September 21, 2021 - The U.S. Dollar Uptrend Should Lose Steam Soon (PDF, 425 KB) - This link will open in a new
window.
- August 26, 2021 - The U.S. Dollar Has Already Adjusted To A Likely Reduction In Asset Purchases By The Federal Reserve (PDF, 423 KB) - This link will open in a new window.
- July 7, 2021 - Will the Loonie Continue to Soar? (PDF, 425 KB) - This link will open in a new window.
- May 28, 2021 - Bank of Canada Optimism Helps Loonie (PDF, 420 KB) - This link will open in a new
window.
- April 27, 2021 - The U.S. Dollar Rebound Could Run Out of Steam Quickly (PDF, 417 KB) - This link will open in a new
window.
- March 23, 2021 - The Recent Slowdown in Economic Activity Is Having Little Effect on the Main Exchange Rates (PDF, 415 KB) - This link will open in a new window.
- January 27, 2021
- Many Currencies Are Reappreciating against the U.S. Dollar (PDF, 427 KB) - This link will open in a
new window.
- December 7, 2020 - U.S. Election and the Pandemic Increase Volatility for Exchange Rates (PDF, 427 KB) - This link will
open in a new window.
- October 29, 2020 - Greenback Recharges on the Increase in Uncertainty (PDF, 423 KB) - This link will open in a new
window.
- October 1, 2020 - The Economic Recovery Should Slow, Potentially Giving the Greenback a Bit of Momentum (PDF, 422 KB) - This
link will open in a new window.
- August 27, 2020 - A Resurgence in COVID-19 Cases Dampens Optimism, but Does Not Really Benefit the U.S. Dollar (PDF, 423 KB) - This link will open in a new window.
- July 13, 2020 - Markets Regain Optimism to the Detriment of the U.S. Dollar (PDF, 418 KB) - This link will open in a
new window.
- June 2, 2020 - If Easing the Lockdown Is a Success, Several Currencies Could Appreciate Once Again against the U.S. Dollar (PDF, 425 KB) - This link will open in a new window.
- May 6, 2020 - Too Early for a Lasting Reversal in the Greenback's Trend (PDF, 422 KB) - This link will open in a new
window.
- March 31, 2020 - The Greenback Capitalizes on Coronavirus Concerns (PDF, 422 KB) - This link will open in a new
window.
- February 24, 2020 - Easing of Trade Tensions Has a Positive Impact on the Canadian Dollar (PDF, 421 KB) - This link will open
in a new window.
- January 14, 2020
- The Canadian Dollar Slides Back Down to Around US$0.75 (PDF, 862 KB) - This link will open in a new
window.
- November 25, 2019 - Will the Canadian Dollar Continue to Appreciate? (PDF, 424 KB) - This link will open in a new
window.
- October 28, 2019 - The U.S. Dollar Should End the Year on the Rise against a Backdrop of Continuing Concern over the Global Economy (PDF, 424 KB) - This link will open in a new window.
- September 25, 2019 - The U.S. Dollar Has Regained Strength (PDF, 423 KB) - This link will open in a new
window.
- August 22, 2019 - U.S. Dollar Hit by Expected Key Rate Drop (PDF, 422 KB) - This link will open in a new
window.
- June 27, 2019 - The Latest Escalation in Trade Tensions Mostly Penalizes the Yuan (PDF, 1.91 MB) - This link will open in a
new window.
- May 30, 2019 - The U.S. Dollar Is on the Upswing (PDF, 1.91 MB) - This link will open in a new window.
- April 25, 2019 - The Canadian Dollar Is Short on Support (PDF, 1.91 MB) - This link will open in a new window.
- March 28, 2019 - Can the U.S. Dollar Only Go Down from Here? (PDF, 2.09 MB) - This link will open in a new
window.
- February 19, 2019 - The Greenback Could Remain Strong If Investors Remain Skittish (PDF, 1.91 MB) - This link will open in a
new window.
- January 23rd, 2019
- Appreciation of the U.S. Dollar Slows (PDF, 1.92 MB) - This link will open in a new
window.
- December 20, 2018 - The Loonie Is Having a Hard Time Rebounding (PDF, 1.92 MB) - This link will open in a new
window.
- November 26, 2018 - Greater Market Volatility Is Lifting the Greenback (PDF, 1.92 MB) - This link will open in a new
window.
- October 30, 2018 - Could the Canadian Dollar Make More Gains by Year's End? (PDF, 1.92 MB) - This link will open in a new
window.
- September 25, 2018 - Hope for a Trade Deal with the United States Helps the Loonie (PDF, 1.91 MB) - This link will open in
a new window.
- August 28, 2018 - Gains in the U.S. Dollar Ease (PDF, 1.90 MB) - This link will open in a new window.
- July 5, 2018 - Risk Aversion Has Recently Helped the U.S. Dollar (PDF, 1.90 MB) - This link will open in a new
window.
- May 31st, 2018 - The U.S. Dollar Is Benefiting from the Recent Surge in Bond Yields (PDF, 1.83 MB) - This link will
open in a new window.
- April 26, 2018 - The Canadian Dollar Recovers after an 8-Month Low (PDF, 1949 KB) - This link will open in a new
window.
- March 28, 2018 - The U.S. Dollar Needs More Than Rate Hikes for Support
(PDF, 2.10 MB) - This link will open in a new window.
- February 27, 2018 - A Difficult Start to the Year for the U.S. Dollar (PDF, 1947 KB) - This link will open in a new
window.
- January 24, 2018
- In the End, the U.S. Dollar Did Not Fare Well in 2017 (PDF, 1955 KB) - This link will open in a
new window.
- December 20, 2017 - NAFTA Uncertainty Hurts the Loonie (PDF, 1955 KB) - This link will open in a new window.
- November 23rd, 2017 - Will the U.S. Dollar Finally Profit From the Interest Rate Hikes? (PDF, 2121 KB) - This link will open
in a new window.
- October 24, 2017 - Will the U.S. Dollar End the Year on a Good Note? (PDF, 1954 KB) - This link will open in a new
window.
- September 25, 2017 - The Loonie Might Have Difficulty Exceeding US$0.80 (PDF, 1953 KB) - This link will open in a new
window.
- August 10, 2017 - The Bank of Canada Gives the Loonie Back its Wings (PDF, 1953 KB) - This link will open in a new
window.
- June 23rd, 2017 - The Canadian Dollar is Rising Along with Oil Prices (PDF, 474 KB) - This link will open in a new
window.
- May 26, 2017 - The Loonie Struggles to Capitalize on Some Favourable Tailwinds (PDF, 475 KB) - This link will open in a
new window.
- April 24, 2017 - The greenback retreats despite the interest rate hike (PDF, 473 KB) - This link will open in a new
window.
- March 27, 2017 - The possibility of a rate hike in March supports the greenback (PDF, 472 KB) - This link will open in a new
window.
- February 23, 2017 - January's currency movements will probably not be typical of the rest of the year (PDF, 638 KB) - This link
will open in a new window.
- January 30, 2017
- The Canadian dollar's resilience has its limits (PDF, 486 KB) - This link will open in a new
window.
- December 22, 2016 - Donald Trump's election finally stimulated the greenback (PDF, 361 KB) - This link will open in a new
window.
- November 23, 2016 - The greenback benefits from expectations of a looming key interest rate increase in the United States (PDF, 690 KB) - This link will open in a new window.
- October 25, 2016 - No major swings in Canada's currency expected in the short term (PDF, 385 KB) - This link will open in a
new window.
- September 26, 2016 - The U.S. dollar struggles to regain lasting vitality (PDF, 361 KB) - This link will open in a new
window.
- August 22, 2016 - Stronger risk aversion benefits safe haven currencies
Brexit hits the pound hard (PDF, 558 KB) - This link will open in a new window.
- June 29, 2016 - Renewed vigour of the U.S. dollar as the markets are starting to believe in an interest rate hike in June (PDF, 384 KB) - This link will open in a new window.
- May 24, 2016 - Can the Canadian dollar's appreciation last? (PDF, 376 KB) - This link will open in a new
window.
- April 18, 2016 - Have negative rates and mass asset purchases lost their impact on currencies? (PDF, 580 KB) - This link will
open in a new window.
- March 23, 2016 - Currencies adjust to the ambient anxiety (PDF, 371 KB) - This link will open in a new window.
- February 16, 2016 - The pressure on the Canadian dollar is expected to decrease in 2016 (PDF, 648 KB) - This link will open in a
new window.
- January 14, 2016
- A busy end of year (PDF, 599 KB) - This link will open in a new window.
- November 26, 2015 - The postponement of U.S. interest rate increases changes the game
Could the greenback tumble? (PDF, 699 KB) - This link will open in a new window.
- October 27, 2015 - Update (PDF, 462 KB) - This link will open in a new window.
- September 16, 2015 - Has China just joined in the currency wars? (PDF, 683 KB) - This link will open in a
new window.
- August 19, 2015 - Update (PDF, 463 KB) - This link will open in a new window.
- July 2, 2015 - The U.S. dollar is poised to rebound—it only needs good data... (PDF, 699 KB) - This
link will open in a new window.
- May 26, 2015 - Will the divergence in monetary policies turn out to be less than originally anticipated? (PDF, 672 KB) - This link will open in a new window.
- April 21, 2015 - Has the U.S. dollar risen too fast? (PDF, 685 KB) - This link will open in a new
window.
- March 24, 2015 - Several currencies are agitated by central bank decisions (PDF, 684 KB) - This link
will open in a new window.
- February 17, 2015 - The U.S. dollar should not rise as much in 2015 (PDF, 702 KB) - This link will open
in a new window.
- January 19, 2015
- Can the bond market stay resilient in 2015? (PDF, 585 KB) - This link will open in a new window.
- December 11, 2014 - Monetary policies set to become increasingly out of sync (PDF, 556 KB) - This link will open in a new window.
- November 5, 2014 - Despite cautious central banks, yields should continue to trend up (PDF, 556 KB) - This link will open in a new window.
- September 29, 2014 - Widening divergence between the bond market and Federal Reserve (PDF, 593 KB) - This link will open in a new window.
- August 27, 2014 - Heading towards a livelier second half of the year (PDF, 558 KB) - This link will open in a new window.
- June 26, 2014 - Key interest rates could stay relatively low in the medium term (PDF, 585 KB) - This link will open in a new window.
- May 29, 2014 - Is the bond market headed for another rude awakening? (PDF, 545 KB) - This link will open in a new window.
- April 29, 2014 - The Federal Reserve confirms that we should gradually get ready for monetary firming (PDF,
537 KB) - This link will open in a new window.
- March 27, 2014 - The return of uncertainty favours the bond market (PDF, 521 KB) - This link will open in a new window.
- March 4, 2014 - Bond yields will continue to rise in 2014 (PDF, 581 KB) - This link will open in a new window.
- January 28, 2014
- Deflation and steepening make strange bedfellows (PDF, 536 KB) - This link will open in a new window.
- December 10, 2013 - A respite for the bond market (PDF, 547 KB) - This link will open in a new window.
- October 28, 2013 - A confused Federal Reserve means a lot of volatility on the horizon (PDF, 583 KB) - This link will open in a new window.
- September 26, 2013 - The Federal Reserve is in a delicate situation (PDF,
534 KB) - This link will open in a new window.
- August 29, 2013 - The Federal Reserve banks on transparency (PDF,
133 KB) - This link will open in a new window.
- June 27, 2013 - Is quantitative easing destabilizing the markets? (PDF, 175 KB) - This link will open in a new window.
- May 30, 2013 - The Bank of Japan will also support the bond market (PDF, 219 KB) - This link will open in a new window.
- April 25, 2013 - The difficult situation abroad will curb the U.S. yield rise (PDF, 202 KB) - This link will open in a new window.
- March 28, 2013 - Discussions are heating up at several central banks
Volatility is in the picture, but no early end to QE3 (PDF, 247 KB) - This link will open in a new window.
- February 28, 2013 - 2013 could well be a turning point for the bond market (PDF, 256 KB) - This link will open in a new window.
- February 4, 2013