CAD trades fairly flat amid better-than-expected trade balance data

Key Movers

The US Dollar Index (DXY) was down slightly this morning by around 0.08%, trading near the 04.19 level. Both Weekly Unemployment Claims and Trade Balance data came in higher than expected today which could have contributed to a slightly lower DXY so far today. Weekly Unemployment Claims came in at 229,000 versus the expected 220,000. Trade Balance data came in at -74.6 billion versus the expected -76.2 billion.

In the Eurozone, The European Central Bank (ECB) decided to cut rates by 0.25% to 4.25% as expected. This was the first rate cut by the ECB in nearly 5 years. Despite cutting rates, the EUR was up this morning against the USD, CAD, and GBP. EUR Retail Sales month-over-month was also released. This data came in lower than expected at -0.5% versus the anticipated -0.2%.

The GBP Construction Purchasing Managers' Index (PMI) data was released. This data is the result of collected surveys of purchasing managers in the construction industry who are asked to rate the level of business conditions. The data came in higher than expected at 54.7 versus the expected 52.5. Despite this positive data, the GBP was down this morning against the EUR, USD, and CAD.