Scotiabank FX Daily – USD Firm Into Fed Hike; Downside Risk Given Positioning

  USD vulnerable as market participants assess Fed tone & Powell press conf.   CAD extremely quiet, trading well above FV & vulnerable to NAFTA headlines.   EUR consolidates below key tech. levels 1.1780/1.1800; spreads stabilizing.   GBP bound within Friday’s range; PM May pushes back on election calls.   JPY threatening mid-July low as spreads widen and risk reversals fade.   AUD fades early Asian session gains; RBA expectations firming month-to-date.   MXN quietly fading recent rally, drifting back toward 200 day MA. (scotiabank)