Loonie surges upward against the GBP
Daily Currency Update
The USD/CAD rate rose again to around 1.35, a 0.13% increase for the USD from yesterday. The Loonie was also up versus the weak GBP this morning. The CAD rose around 0.24% against the GBP today. In oil news, West Texas Intermediate (WTI) crude oil was up this morning around 0.38% at 78.23. There are no notable data releases today in the Canadian region.Key Movers
The US Dollar Index (DXY) was up this morning around 0.25% near 103.13 after the release of the Consumer Price Index (CPI) data. Monthly Core CPI, which shows the change in the price of goods and services purchased, excluding food and energy, came out higher than expected at 0.4% versus the expected 0.3%. Likewise, yearly CPI data came in higher than market anticipations at 3.2% instead of 3.1%. Meanwhile, the monthly CPI came in as expected at 0.4%. After the release of the CPI data, the USD rose against most major currencies, including the EUR, GBP, AUD, and CAD.In Eurozone news, the German Final CPI month-over-month data was released in line with expectations at 0.4%.
The UK region saw mixed data with the GBP Claimant Count Change and Average Earnings Index releases. The Claimant Count Change, which shows the change in unemployment claims during the previous month, was lower than expected at 16,800 versus the expected 20,300. Meanwhile, the Average Earnings Index, which shows the change in the price of businesses and the government pay for labor, was lower than expected at 5.6% versus 5.7%. This mixed data caused the GBP to dip against the USD by around 0.37% and the CAD by 0.24%. The GBP was also down versus the EUR 0.25%.
Expected Ranges
- EUR/CAD: 1.4714 - 1.4749 ▲
- GBP/CAD: 1.7211 - 1.7280 ▼
- AUD/CAD: 0.8888 - 0.8945 ▼
- USD/CAD: 1.3462 - 1.3525 ▲