DXY makes small jump amid lower-than-expected data release
Daily Currency Update
The US Dollar Index (DXY) only made a small change this morning of 0.02% to 103.85. There was a slew of data releases led by the monthly Durable Goods Orders report, which was lower than expected at -6.1% versus the expected -4.9%. Core Durable Goods Orders month-over-month were also lower than anticipated at 0.3% instead of the 0.2% that was expected. The Conference Board also came out with the consumer confidence survey results, this report showed household ratings of the current and future economic conditions. The results came back lower than market expectations at 106.7 versus the anticipated 114.8. Usually, these lower-than-expected results would cause the USD to dip, but it has stayed mostly flat or had slight increases. Conversely, Standard & Poor's (S&P)/Case-Shiller (CS) Composite-20 yearly House Price Index (HPI) was slightly higher than expected at 6.1% versus 6%, which bolstered the USD slightly.Key Movers
In Europe news, the Eurozone M3 Money Supply year-over-year came in lower than expected at 0.1% versus the expected 0.3%. European yearly Private Loans data also came in slightly lower than expected at 0.3% versus 0.4%. The EUR was down this morning against the USD but slightly up against the GBP by 0.05%.British Monetary Policy Committee (MPC) member Dave Ramsden spoke today, noting that the MPC can’t take stability for granted and markets are transitioning to a new normal. The GBP was down today against the USD to trade near the 1.2682 level.
Australian Consumer Price Index (CPI) yearly data is expected out later today. The AUD was slightly down this morning versus the USD by around 0.08%.
The Canadian dollar traded a little weaker today against most major currencies, including the EUR, GBP, AUD, and USD. Oil was up this morning, around 0.85%, near the 78.24 level. While there was no notable data released today for the CAD, the Canadian Gross Domestic Product (GDP) month-over-month data is expected out on Thursday.
Expected Ranges
- EUR/USD: 1.0839 - 1.0868 ▼
- GBP/USD: 1.2668 - 1.2697 ▼
- AUD/USD: 0.6526 - 0.6560 ▼
- USD/CAD: 1.3480 - 1.3522 ▲