Home Daily Commentaries USD holds gains as risk comes off the table

USD holds gains as risk comes off the table

Daily Currency Update

The USD is holding gains it made yesterday against the basket of major currencies.  All the major indices were down yesterday, with the Dow Jones Index falling more than 800 points.  The sell-off looks to continue today as fears of recession rise.  Futures markets are all pointing to a lower open. Commodities are not immune with West Texas Intermediate (WTI) Oil down over $2 barrel in early trading as well.

Key Movers

The Euro saw a spike late yesterday, but it came back in the overnight sessions as inflation in the Eurozone came out at 10.1% against expectations of 10.0%.  Core inflation matched expectations at 5.0%.

The GBP is slowing the gains it has seen as of late as retail sales for November released this morning showed a -5.9% decline which was under the expected -5.6% drop.

Expected Ranges

  • EUR/USD: 1.0597 - 1.0720 ▼
  • GBP/USD: 1.2125 - 1.2340 ▼
  • AUD/USD: 0.6680 - 0.6775 ▼
  • USD/CAD: 1.3595 - 1.3683 ▲