Analysts suggest that there is a 50% chance that Powell, a Republican, will be replaced by Democrat Lael Brainard. Global markets are unsettled because President Biden may announce the fate of Fed Chair Jerome Powell this weekend. The Canadian dollar was collateral damage. dollars across the board, except against the Japanese yen. Sweden is implementing a health pass, and the Czech Republic banned unvaccinated people from all public events. Austria went a step further and banned the unvaccinated from leaving home. Germany said it is banning unvaccinated people from public places. Government officials reacted, imposing new, restrictive COVID-19 measures in major regions of Europe. The Euro area has been experiencing rising numbers of new COVID-19 cases and a 5% increase in coronavirus-related deaths in the past week. dollar traded with a slight softening bias in Asia, but that changed when Europe opened. The Canadian dollar will not get any support from September retail sales, which are expected to have declined 1.7% m/m. The White House admitted that President Biden and Chinese President Xi discussed releasing crude from Strategic Petroleum reserves, which weighed on prices. Then prices tumbled, falling to $76.24 in New York, due to widespread demand for U.S. West Texas Intermediate (WTI) oil rallied from a low of $77.00/barrel yesterday to $79.84 just before Europe opened today. Sliding crude oil prices were a factor, but the bulk of the move was due to a sudden shift in sentiment, which became negative, although the reason isnвЂ™t apparent.

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