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Dollar lower ahead of fresh inflation data

Monday 7 February, 2022

Daily Currency Update

 The US dollar edged lower against some of its major peers on Monday despite an upbeat employment report last week, which surprised markets to the upside, reporting 467,000 non-farm payroll jobs vs. an expected 110,000. Market participants seemed to be waiting for new inflation data to be released this Thursday for further direction on the dollar. The US Dollar Index was sitting at 95.47 at the time of writing.

Key Movers

Demand for the euro eased against the dollar on Monday after it saw some strength last week from the European Central Bank's more hawkish tone. EURUSD was down 0.18% at 1.14306 at the time of writing. GBPUSD on the other hand rose marginally this morning, sitting around 1.3530 at the time of writing. The Canadian dollar rebounded against the US dollar on Monday following disappointing jobs data last week. Canada shed 200,100 jobs in January, Statistics Canada reported Friday. Economists were expecting a drop of only 110,000. USDCAD was down 0.59% trading at around 1.26880 at the time of writing.    

Expected Ranges

  • EUR/USD: 1.1416 - 1.1467 ▼
  • GBP/USD: 1.3492 - 1.3552 ▼
  • AUD/USD: 0.7066 - 0.7121 ▲
  • USD/CAD: 1.2677 - 1.2754 ▼