USD stalls to end the week
Daily Currency Update
The US Dollar Index (DXY) is down this morning as markets digest earnings reports from the stock markets with no significant macroeconomic data to end the week. Stock markets are up this morning following positive earnings from companies like Nvidia this week. The greenback is also on the back foot as the euro tests 200-day averages with the release of German economic data during the overnight markets.Key Movers
The euro rose, testing the 200-day average after mixed data from the Euro Zone’s biggest economy. German GDP fell by -0.3% in the last quarter of 2023, in line with market expectations. On the positive side, the LFO business climate readings showed a bump from last month to 85.5 on the scale, showing a positive outlook for the German economy, which is on the rise.Oil prices have retraced this morning after seeing two days of gains.
After getting close to $78.50 yesterday, the WTI price dropped to the mid $77 range—the outlook for oil is still positive as conditions between supply and demand are tightening.
The Canadian dollar saw some gains this morning as it follows general market sentiment. There was no Canadian data today, but CAD lifted from the recent improvements in oil pricing and the bump in equities markets that are negatively impacting the USD.
Expected Ranges
- EUR/USD: 1.0807 - 1.0921 ▲
- GBP/USD: 1.2522 - 1.2615 ▲
- AUD/USD: 0.6514 - 0.6580 ▲
- USD/CAD: 1.3464 - 1.3570 ▼