Dollar Rebounds as Treasury Yields Rise; CAD Gains, Yen Falls
- Pipeline news lifts Canadian dollar, sterling rises off low
- Focus may shift back to fundamentals as macro events pass
UBS's Geoffrey Dennis: We're Not U.S. Dollar Bulls
The Canadian dollar and the British pound rose in U.S. trading Tuesday while the dollar gained against the Japanese yen as traders shifted positions to cope with fresh drivers now that the macro cues of the Trump inauguration and the court decision on Brexit have passed.
The Canadian dollar gained after the Trump administration said it would advance construction of the Keystone and Dakota pipelines. The pound reversed a morning drop after Brexit minister David Davis affirmed there will be no second referendum after the U.K. Supreme Court ruled Parliament must hold a vote on the Brexit process. The yen dropped as the dollar gained some lift from rising U.S. Treasury yields and as U.S. stocks rose to their highs for the day.