DXY is down a little after a strong start to the week
Daily Currency Update
Demand for the US dollar was down this morning after a strong start to the week. The US Dollar Index (DXY) stood at 104.39, reflecting a marginal decrease of 0.05%. Notably, the release of the RCM/TIPP Economic Optimism data, a survey gauging consumers' perceptions of economic conditions, yielded results lower than anticipated, recording 44 compared to the expected 47.2. Despite consumer perceptions, the USD was trading lower against key currencies like GBP, AUD, and CAD compared to yesterday's rates.Key Movers
The Australian dollar (AUD) maintained its cash rate at 4.35%, with the Reserve Bank of Australia (RBA) opting for stability despite ongoing inflation moderation that persists at elevated levels.Meanwhile, the GBP has surged against the USD by 0.41% today, following higher-than-expected Construction PMI data in the United Kingdom, registering at 48.8 compared to the anticipated 47.2.
Conversely, the euro (EUR) faces challenges as its Retail Sales month-over-month fell below expectations at -1.1%, in contrast to the forecasted -0.9%, leading to a 0.33% decline against the GBP.
Expected Ranges
- EUR/USD: 1.0726 - 1.0765 ▼
- GBP/USD: 1.2534 - 1.2580 ▲
- AUD/USD: 0.6479 - 0.6523 ▲
- USD/CAD: 1.3505 - 1.3544 ▼