Loonie gains on USD amid rising oil prices

Key Movers

The US Dollar Index (DXY) dropped slightly this morning following the release of lower-than-expected new home sales data. Coming in at 662,000, the new home sales were marginally lower than the anticipated 675,000 and the previous 664,000. There is a slew of data releases set for this week, including Consumer Confidence data and monthly Durable Goods Orders tomorrow, Initial Jobless Claims and month-over-month GDP reports on Thursday, and the Personal Consumption Expenditure (PCE) index, Core PCE Price index, and the trade balance report on Friday.

In the Eurozone, the Netherlands GDP growth rate quarter-over-quarter came in at 0.4%. This was up from the previous 0.2% and the forecasted 0.3%. Yearly GDP growth was -0.4% versus the previous -0.8%. The euro was up just slightly against the CAD this morning, about 0.08% following the slight growth in the Dutch GDP numbers.

The Japanese Vice Minister of Finance for International Affairs, Masato Kanda warned about the JPY weakness ahead of USD/JPY rate of 152. Kanda noted that the weakness in the yen over the last two weeks did not reflect the fundamental data. The USD/JPY traded near the 151.35 range this morning.