USD slips as confidence grows in Fed stopping rate hikes
Daily Currency Update
Demand for the US dollar slipped against the euro after a soft jobs data report on Friday. Declining jobs data had market observers more confident that the Fed would reduce interest rates. Comments from multiple central bank officials this week would shed more light on future rate policy.Key Movers
Final services PMI, which provides a timely economic measurement, came in as expected for the Euro area. And the German Final Services PMI was only very slightly higher than expected at 48.2, forecasted 48.0.The Great British pound extended its rally against USD from last week. This morning, it was down a tenth of a percent from Friday’s close. UK Construction PMI was lower than expected at 45.6, forecasted 46.1.
Demand for the Canadian dollar was down 0.11% against its US counterpart after finishing last week with two strong days. Oil prices were up over 1% this morning. October’s Ivey PMI was slightly lower than expected at 53.4, forecasted 54.0. Up from 53.1 last month and up from 52.8 one year ago.
Expected Ranges
- EUR/USD: 1.07215 - 1.07563 ▲
- GBP/USD: 1.23623 - 1.24283 ▲
- AUD/USD: 0.64930 - 0.65228 ▼
- USD/CAD: 1.36292 - 1.36845 ▲