{"id":46957,"date":"2024-05-13T11:00:57","date_gmt":"2024-05-13T11:00:57","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/05\/13\/euro-poses-a-bigger-risk-to-the-loonie-than-the-greenback-analyst\/"},"modified":"2024-05-13T11:00:57","modified_gmt":"2024-05-13T11:00:57","slug":"euro-poses-a-bigger-risk-to-the-loonie-than-the-greenback-analyst","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/05\/13\/euro-poses-a-bigger-risk-to-the-loonie-than-the-greenback-analyst\/","title":{"rendered":"Euro poses a bigger risk to the loonie than the greenback: analyst"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Avery Shenfeld believes the greenback has been bid up to the point where it is overvalued<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published May 13, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">2 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"4c2c529e-ba6d-4990-8680-0112e0fe3289\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=06dRasnpjsd2wMfmS5TRQQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=5jrvuqdw6qv29ezpF8yshQ 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=GDbMIFN-34oKU5npdK3c_Q,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=rjglnv6Pam_1f4Mlue6HGQ 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=J3a4pRUpGOK0XiFQId8Mxw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=SflO7SXf8JfHycO2UQVahA 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=61cKk1y2rY0BpnmAb1qwPA,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=WfCf6oe_S8PKghwj-YcgeQ 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=rC5SHXabZBHkitbZ4i_udg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/0510-bc-loonie-.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=mXIB0VxpaLacg2tySKujjw 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">The loonie could be vulnerable if the European Central Bank is forced to ease and the United States Federal Reserve slows its own easing as the economy maintains its strength.<\/span> <span class=\"credit\">Photo by THE CANADIAN PRESS\/Paul Chiasson<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">While economists have been warning that divergence in fiscal policy between the Bank of Canada and the United States Federal Reserve could send the Canadian dollar into a tailspin, at least one believes a bigger threat to the loonie may be lurking across the pond.<\/p>\n<p data-async=\"\">Avery Shenfeld, managing director and chief economist at CIBC Capital Markets, said in a note to clients Friday that he believes currency investors should be keeping an eye on the euro.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment3842571307500070053557225870327808\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement 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Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">\u201cWhile monetary policy divergences can impact the Canadian dollar, its broadest movements against the greenback have more often been a reflection of whether the U.S. dollar is generally weakening or strengthening against a basket of major currencies,\u201d he wrote in the note.<\/p>\n<p>\u201cThe euro is the most heavily weighted developed-currency alternative to the greenback. As a result, in the past two decades, there\u2019s been an 85 per cent correlation between monthly average levels for the euro\u2019s exchange rate versus the USD and the Canadian dollar\u2019s valuation against the greenback.\u201d<\/p>\n<p>While Shenfeld believes the euro is poised for a rebound against a greenback that has been bid up to the point where it is overvalued \u2014 a scenario that would be positive for the loonie \u2014 there is an alternative outcome that could emerge if eurozone countries hold the line on recent austerity measures.<\/p>\n<p data-async=\"\">If, as a result of belt tightening, the European Central Bank is forced to ease more than expected and the Fed slows its own easing as the U.S. economy stays strong, the greenback could renew its run and the loonie could be vulnerable, Shenfeld argued.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment365880475750627333027805553229824\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cOdd as it might seem, keeping an eye on budget decisions in Germany, France, Italy and other major eurozone members is of importance for those with Canadian dollar risks to hedge,\u201d he said.<\/p>\n<p>While the Bank of Canada has hinted that key interest rate cuts could come as soon as its next decision on June 5, the Fed is waiting for further economic softening.<\/p>\n<p data-async=\"\">In a note to clients last month, Derek Holt, vice-president and head of capital markets economics at Bank of Nova Scotia, warned that it would be difficult for the Bank of Canada to cut rates ahead of the Fed \u201dwithout causing CAD\u00a0(the Canadian dollar) to crater.\u201d<\/p>\n<section aria-labelledby=\"moreTopicLabel8799481370420742228226003240484864\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" of=\"\" canada=\"\" can=\"\" diverge=\"\" from=\"\" fed=\"\" on=\"\" rates=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Bank of Canada Governor Tiff Macklem speaks at the Senate's banking, commerce and economy committee on May 1, 2024.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/Tiff-Macklem-1.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=BZyl-f38Jmp8JXD-31xhLg\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/Tiff-Macklem-1.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=Y7IBz8wRDyJWFDEb4qDXEQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/Tiff-Macklem-1.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=BZyl-f38Jmp8JXD-31xhLg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/Tiff-Macklem-1.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=4MgrZYoElf0gR1N0eQKOlA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/05\/Tiff-Macklem-1.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=TZ2CC_YJ_GkfP0oMTdpF9g 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Bank of Canada can diverge from Fed on rates<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" of=\"\" canada=\"\" may=\"\" have=\"\" to=\"\" cut=\"\" before=\"\" fed=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Laurent Ferreira, chief executive of the National Bank of Canada, says the Bank of Canada may have to cut interest rates before the United States Federal Reserve. &#10;\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/national-bank-of-canada-0326-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=U5EiZHWNQstOWJwcR666tQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/national-bank-of-canada-0326-ph.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=-MArB49uwxVKTA8MpHfDVg\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/national-bank-of-canada-0326-ph.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=U5EiZHWNQstOWJwcR666tQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/national-bank-of-canada-0326-ph.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=cmHPy2rUUdUNSuUpd2W7bA 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/03\/national-bank-of-canada-0326-ph.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=fiDXCiTtJLh_L_5f9vroOg 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Bank of Canada may have to cut before Fed<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" federal=\"\" reserve=\"\" interest=\"\" rate=\"\" path=\"\" grows=\"\" murky=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Jerome Powell, chair of the U.S. Federal Reserve, left, and Tiff Macklem, governor of the Bank of Canada, speak during a fireside chat at the Wilson Center in Washington, D.C., on Tuesday, April 16, 2024. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/washington-forum-on-the-canadian-economy.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=S5CFV1961h9kAOvt41ikUQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/washington-forum-on-the-canadian-economy.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=-t4QG3NMJQmZUCM6KrKUDQ\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/washington-forum-on-the-canadian-economy.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=S5CFV1961h9kAOvt41ikUQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/washington-forum-on-the-canadian-economy.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=jVdqzNpHsrL-o8cm3W48nQ 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/04\/washington-forum-on-the-canadian-economy.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=dEv3zoRlypE2hPZhqXrgoQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">U.S. Federal Reserve&#8217;s interest rate path grows murky<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">Some economists, however, have downplayed the risk that divergence poses to the loonie. This month, National Bank of Canada economists Taylor Schleich and Warren Lovely said they believe the Bank of Canada could diverge from the Fed by as much as 100 basis points\u00a0\u201cwithout policymakers batting an eye.\u201d<\/p>\n<p>Shenfeld, too, said that while he does expect the loonie to lose a few cents on divergence from the Fed, the losses would not likely be sustained into 2025.<\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Euro poses a bigger risk to the loonie than the greenback: analyst<\/a><br \/>\n<br \/>2024-05-13 11:00:57<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Avery Shenfeld believes the greenback has been bid up to the point where it is overvalued Published May 13, 2024 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago&#8230;<\/p>\n","protected":false},"author":2,"featured_media":46958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-46957","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/46957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=46957"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/46957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/46958"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=46957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=46957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=46957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}