Key Movers

The euro was up marginally amid the release of higher-than-expected Germany Producer Prices. The German Producer Prices were released overnight and came in up 0.2% after falling -0.4% previously. The EUR/USD pair was up 0.21% this morning, trading near 1.0665.

Likewise, the GBP was on the rise against the USD this morning after better-than-expected retail sales in March showed positive movement in the British economy. Headline retail sales were up 0.8% in March after falling -0.4% the previous month. The GBP/USD pair was up 0.14% to trade near the 1.2454 range.

The Canadian dollar held its ground against the USD after dipping most of the week. The Loonie increased as rate cuts from the Bank of Canada (BoC) are expected in June cut while the Fed may hold until the fall. The Loonie ignored recent oil drops though which would have normally had further negative impact. Oil was falling from recent highs as the prospect of “higher for longer” interest rates from the Fed put pressure on businesses and markets weighed the possible expansion of production capacity from The Organization of the Petroleum Exporting Countries (OPEC+). The West Texas Intermediate (WTI) benchmark price was back in the $81 a barrel range after crossing $86 earlier in the week.