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US Dollar Firms Up Against The Canadian Dollar as Middle East Hostilities Resume, Bond Yields Rise

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The US dollar strengthened against the loonie Tuesday afternoon as Middle East hostilities resumed and the United States announced new attacks against Iranian targets, causing oil prices to spike.

US Treasury yields are also higher today.

The greenback was up 0.4% to C$1.3905 on last look.

West Texas Intermediate October crude oil futures, the US benchmark, jumped 4.5% to $89.60 per barrel. November Brent oil futures, the international benchmark, rose 4% to $94.04 per barrel.

Comex December gold futures slipped 2% to $4,394.80 per ounce, as expectations increase that the US Federal Reserve will raise interest rates, and bond yields rise. According to the CME FedWatch Tool, there is a 68.3% probability the Fed's policy committee will raise rates by 25 basis points at its next meeting beginning Sept.16.

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US Dollar Weakens Against The Loonie as Hostilities Resumes Between The US and Iran

The US dollar weakened against its Canadian counterpart Monday afternoon as hostilities resumed between the United States and Iran.The greenback was down 0.4% to C$1.3857 on last look.West Texas Intermediate October crude oil futures, the US benchmark, jumped 2.7% to $85.65 per barrel. October Brent oil futures, the international benchmark, rose 2.5% to $90.33 per barrel.Comex gold December futures slipped 1% to $4,488.70 per ounce, as expectations increase that the US Federal Reserve will raise interest rates.US Treasury Secretary Scott Bessent told CNBC that US growth goals include ending the Iran war behind. "We are going to get to the other side of this Iran conflict." Bessent also claimed the US bond market in August outperformed every other major bond market.Bessent and Federal Reserve chair Kevin Wash also spoke at the G20 finance ministers meeting in North Carolina.

$CXY$CAD=X