Dollar carnage pauses; but is it over?
• USD rebounds helped by a video clip of former FBI Director Comey, saying that he wasn’t pressured to end an investigation.
• However, the market looks to have rushed into conclusions.
• He was asked if someone at the Dep. of Justice or the Attorney General had ever asked him to do so. He was not asked about the White House.
• As such, we don’t expect any material change in market sentiment. Risk aversion may prevail again. Safe havens could rebound and stock markets may come under renewed pressure.

Canada CPIs take center stage today.
• Main event today: CPI data for April (12:30 GMT).
• Both the headline and core rates are expected to have ticked up, which could support CAD.
• Nevertheless, we doubt that this will lead to a material change in BoC’s dovish bias.

As for the rest of today’s events:
• Germany: PPI for April (06:00 GMT) but this is usually not a major market mover.
• Canada: Besides CPI data, we also get retail sales for March (12:30 GMT).
• Speakers: ECB Vice President Vitor Constancio (12:00 GMT), ECB Executive Board member Peter Praet (09:00 GMT) and St. Louis Fed President James Bullard (13:15 GMT).

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