USD remains down amid release of Fed meeting minutes
Daily Currency Update
The US Dollar Index (DXY) remained down this morning, trading at 103.29 at the time of writing. This was a 0.15% decrease from yesterday. Federal Open Market Committee (FOMC) meeting minutes are set to be released today and will provide further insight into their interest rate decisions. The USD continued to depreciate against the EUR, and it is only slightly down today at around 0.03%.Key Movers
In European news, Switzerland released their trade balance numbers, which were lower than expected at 4.6 billion versus the expected 5.87 billion. The Swiss Franc (CHF) is still up versus USD.In the UK, the Bank of England (BOE) and Monetary Policy Committee (MPC) had their monetary policy report hearings. Among other topics, a discussion about the economy and sticky inflation took place among members. In data news, the UK’s public sector net borrowing data came back lower than forecasted. Currently, GBP is up versus USD and EUR.
Demand for the Canadian dollar remained up against the USD currently trading at 1.3693 at the time of writing. Canadian monthly Consumer Price Index (CPI) data was released in line with expectations today at 0.1%. Yearly Median CPI data, which shows the change in the median price of goods and services purchased by consumers, was also in line with expectations and lower than previous reports. Finally, yearly Trimmed CPI data, which excludes the most volatile 40% of items, was slightly lower than expected. In oil news, crude oil was down today with West Texas Intermediate (WTI) trading just over $77 a barrel.
Expected Ranges
- EUR/USD: 1.0942 - 1.0969 ▲
- GBP/USD: 1.2504 - 1.2559 ▲
- AUD/USD: 0.6558 - 0.6589 ▲
- USD/CAD: 1.368 - 1.373 ▼