Dollar joins in on market gains
Monday 19 December, 2022
Daily Currency UpdatePositive moves in equities and commodities paired with general USD weakness has the Canadian dollar making gains on its American counterpart. North American Markets are point towards a higher open and Oil is back of $75 a barrel. Data wise, there are no releases today, but we have Retail Sales from October tomorrow and Canadian Inflation data on Wednesday.
Key MoversThe USD is losing the gains it made on Friday across the spectrum of majors. We are seeing a risk positive start to the week as European markets are positive leading into the North American session. Oil is back up over $75 a barrel lending support to the commodity focused currencies. On the data front this week, key releases include US Building permits tomorrow and Oil inventories on Wednesday. The biggest announcement this week is left for Friday morning with the PCE Inflation release which is expected to show price growth of 4.7%. The Euro and GBP are both seeing rebounds against the USD this morning as European markets trade up. This is following the release of the German IFO Business Climate survey. The survey showed that the confidence in Europe’s biggest economy was 88.6 on the index beating the expectation of 87.4. In Asia, the Yen is making gains ahead of the Bank of Japan (BoJ) interest rate announcement later today. Reports from Japan are indicating that the Prime Minister may ask for a different, less dovish approach, to the 2% target the bank is holding onto.
- EUR/CAD: 1.4459 - 1.4535 ▼
- GBP/CAD: 1.6591 - 1.6681 ▼
- AUD/CAD: 0.9151 - 1.9182 ▼
- USD/CAD: 1.3635 - 1.3690 ▼