DXY slips slightly following the holiday
Daily Currency Update
The US Dollar Index (DXY) was down 0.39% from yesterday to trade near 103.90 this morning. The USD was down this morning versus the GBP, EUR, and AUD. The greenback remained up against the CAD after lower-than-expected Canadian Consumer Price Index (CPI) data. In data news, the Conference Board Leading Index monthly data, which is the change in the level of a combined reading of 10 economic indicators like employment and consumer confidence, was released this morning. The report showed lower-than-expected data at -.4% versus -.3%. Purchasing Manager’s Index (PMI) data is set to come out later this week on Thursday.Key Movers
In Eurozone news, the EUR Current Account data, which is the difference in value between imported and exported goods and services for the previous month, was released. It was higher than expected at 31.9 billion versus the 20.3 billion number anticipated by markets. This helped the EUR gain ground against the USD.In the UK, Monetary Policy Report Hearings took place today. The Bank of England (BoE) Governor Andrew Bailey said that there were distinct signs of an upturn for the recession-hit economy. The GBP remained up versus the EUR and USD this morning.
Meanwhile, the CHF trade balance came in higher than expected at 4.74 billion versus the 2.35 billion that markets called for. The CHF traded around 0.3% higher so far today against the USD.
The Canadian dollar dipped today amid lower-than-expected Consumer Price Index (CPI) data. CAD monthly CPI came in at 0% versus the expected 0.4%. Median yearly CPI, Trimmed yearly CPI, and Common yearly CPI all followed suit, coming in lower than expected. This low CPI data across the board, paired with a 0.37% dip in oil prices has caused the CAD to take a dive. The Loonie traded lower against the USD, GBP, EUR, and AUD this morning.
Expected Ranges
- EUR/USD: 1.0765 - 1.0841 ▲
- GBP/USD: 1.2580 - 1.2664 ▲
- AUD/USD: 0.6523 - 0.6580 ▲
- USD/CAD: 1.3470 - 1.3530 ▲