CAD - Canadian Dollar
In his first public speech as Governor of the Bank of Canada, Tiff Macklem said that low, stable and predictable inflation has guided the bank during COVID-19.
Macklem said that changing shopping habits forced the Bank of Canada to review the Consumer Price Index. Gasoline, travel, food purchases and salon visits have been factored into the CPI, but those habits have changed because of the pandemic.
Macklem also said that the Bank of Canada will continue its quantitative easing program until the recovery is well underway.
The Great British Pound hit a fresh three-week low to open this morning at 1.2348. Falling around 0.59% on Friday, the Sterling continues to remain under pressure after the Bank of England announced its intent to increase its bond-buying program by £100 billion. The result comes despite a better than expected Retail Sales reading and reports that Brexit negotiations are not nearly as bad as once thought. Nevertheless, a resurgent US Dollar, coupled with further monetary policy easing was too much for the Pound to overcome.
The Australian Dollar enjoyed a day of two halves, first capitalizing on risk-on flows early on Friday before reversing course during the American session. Ultimately, the Aussie rose to a daily high of 0.6912 before falling about 0.12% for the day to close at 0.6835. Opening this morning at 0.6818, the Aussie opens slightly lower on a weekly basis.
1.354 - 1.362 ▼EUR/CAD:
1.519 - 1.525 ▲GBP/CAD:
1.680 - 1.687 ▼CAD/AUD:
1.069 - 1.078 ▼