USD down as Fed holds rates amid a sea of hikes
Daily Currency Update
The US dollar index (DXY) is entering Friday relatively steady, up from 0.1% from overnight lows but ultimately ending the week down at 102.19 at the time of writing. The Federal Reserve bank held rates this week at their monetary policy committee meeting while the European Central Bank hiked rates yesterday. The University of Michigan Consumer Confidence data anticipates rising confidence in the US economy after the pause in rate hikes.Key Movers
News out of the Eurozone today showed the euro hit a 5-week high yesterday after the European Central Bank (ECB) hiked interest rates by 25 basis points (bps). Likewise, the GBP hit fresh highs not seen since late 2022, after a more hawkish statement from the Bank of England (BoE).The Canadian dollar is holding the ground it has gained recently, reaching its strongest levels since September 2022 in the 0.7569 range against the US dollar. Bolstering the commodity-linked Loonie is the West Texas Intermediate (WTI) crude oil prices. WTI oil prices are back over $70 a barrel this morning.
Expected Ranges
- EUR/USD: 1.0888 - 1.0966 ▲
- GBP/USD: 1.2695 - 1.2848 ▲
- AUD/USD: 0.6835 - 0.6966 ▲
- USD/CAD: 1.3205 - 1.3310 ▼