DXY drops to show a weaker USD

Key Movers

In Eurozone news, the EUR was up this morning against both the USD and the CAD. The European Final Core Consumer Price Index (CPI) and Final CPI data was released. This yearly report showed that prices came in the same as previous levels which was expected.

The JPY was up this morning against the USD as well by around 0.7%. The Bank of Japan (BoJ) announced their decision yesterday to keep their interest rates steady as expected by market participants.

The Canadian dollar was up against the USD this morning but down versus some other major currencies including the EUR, GBP, and AUD. Canadian monthly Consumer Price Index (CPI) data was released this morning showing higher than expected numbers. CPI data came in at 0.1% versus the expected -0.1%. This growth in CPI may bolster the CAD in the coming days. The Median CPI year-over-year data, which is the change in the median price of goods and services, as well as the trimmed CPI year-over-year, which excludes the most volatile 40% of items, were both higher than expected. Meanwhile, the yearly Common CPI, which is the change in the price of goods and services, was slightly lower than expected. Oil was up this morning around 0.7% at the time of writing also bolstering the CAD’s strength.