Despite US stock and bond markets closed in honor of President George H. W. Bush’s passing, we’ve seen a surprising amount of volatility in the FX market. In overnight trade, the Australian dollar saw weaker-than-expected GDP growth figures (0.3% q/q vs. 0.6% eyed). This marks the slowest quarterly growth in two years and pushes back expectations for an interest rate hike further into 2020. The bad news for commodity dollars carried over into the US session, with the Bank of Canada striking a dovish note in its monetary policy statement. As widely expected, the central bank left interest rates unchanged at 1.75%, but ... (full story)