The United States Dollar remains relatively unchanged in overnight trading with the DXY treading water at 94.85. With a slow economic calendar during the session and little economic related news in the headlines, the Greenback’s bullish movement has been stalled and rangebound against most currencies.
The USD did have some movement against some of the cross rates with the EUR and GBP being the clear performers. Changing hands at 1.3243, the Sterling enjoyed a 160-pip rally on the back of a hawkish monetary policy statement. Across the channel, the EUR also faired markedly better than it had been, recording a 100-pip rise against the Dollar before settling at 1.1605.
Attentions now turn to another quiet day on the domestic economic calendar with movement driven by off-shore events in Canada and Europe primarily. OPEC will also meet today which could have far-reaching implications for petroleum prices and financial markets.