DXY dips as New York business activity edges lower

Key Movers

The EUR/USD pair has dipped slightly over the last several days to trade near 1.0549 this morning. The Eurozone region trade balance was recorded at $6.7 billion, above the previous $6.5 billion.

Early on Monday, crude oil was steady as uncertainty grew in the Middle East. Military activity in the region is adding to concerns about oil supply availability.

The GBP remains steady today trading at 1.2184 against the USD ahead of UK inflation data which is set to be released on Wednesday.

Japanese industrial monthly production was released at -0.7%. This data was worse than the forecasted and previous 0% change.

Canadian Consumer Price Index (CPI) data is set to be reported tomorrow with the forecast for year-over-year inflation to match the previous 4% rise. The CAD is up 0.28% against the USD today ahead of tomorrow’s data release. Manufacturing sales for August were reported at 0.7%. This was lower than the forecasted 1.1%. The port strike in British Columbia on manufacturing activities was smaller in August compared to July. Only 8.4% of manufacturing plants reported impact from the strike, mainly through shortages of raw materials and transportation disruptions. Wholesale sales month-over-month came in at 2.3%, this was just slightly lower than the forecasted 2.5% rise. Results from the Bank of Canada (BoC) business outlook survey showed that firms expect their sales growth to be soft over the next 12 months.