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Before the Bell: Futures sink on hawkish Fed comments Add to ...

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The Before the Bell report is compiled by editors of The Globe and Mail and is updated throughout the morning to reflect latest developments. Colin Cieszynski, Chartered Financial Analyst and Chartered Market Technician, is chief market strategist with CMC Markets.

The big story overnight has been the U.S. dollar's relentless drive higher against most other major currencies. U.S. Federal Reserve speakers this week have been leaning hawkish with even doves like Chicago Fed President Charles Evans suggesting a rate hike is likely this year, maybe even November (which I doubt, but they clearly want to keep options open). Yesterday's smoking hot non-manufacturing PMI report and surprise drop in oil inventories indicated a strong U.S. economy that could withstand a rate hike. U.S. index futures are down 0.2 per cent on these hawkish headwinds.

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