Daily Currency Update

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US GDP reported above expectations

USD - United States Dollar

US domestic GDP was reported today and economists expected a contraction to 2.6 percent on goods and service sold on an annualized pace previously at 3.4 percent, actual 3.2 percent. The Greenback is relatively unchanged against its G10 counterparts after the release. US stock futures at the time of writing are pointing to a marginally lower open after a big week of corporate earnings being reported. Next week's key metric is the Federal Open Market Committee (FOMC) rate decision on Wednesday followed by the Bank of England on Thursday. Both central banks are expected to leave interest rates unchanged as global trade agreement are still being negotiated. West Texas Intermediate has softened today to 64.04 dpb after WTI reached 66.60 dpb a 2019 high on Monday, April 22. Oil traders have priced the commodity higher as global central bankers have shown a synchronized hold on the pace of interest rate normalization, and global growth remains on a relatively firm footing.

Key Movers

Overnight Chinese President Xi Jinping spoke at the Belt to Road forum in Beijing, China. The speech which addressed Chinese domestic reforms, allowing foreign investment and a pledge to address state subsidies addressed some 40, world leaders. Market participants feel the speech was more directed at President Trump who was not in attendance.  Trade negotiations led by US Trade Representative Robert Lighthizer will head to Beijing next week as China and the US work toward inking a deal, which would likely involve a face to face meeting between Xi and Trump.

Expected Ranges

USD/CAD: 1.3452 - 1.3520 ▼

EUR/USD: 1.1110 - 1.1160 ▲

GBP/USD: 1.2874 - 1.2925 ▲

AUD/USD: 0.7007 - 0.7051 ▼

NZD/USD: 0.6626 - 0.6669 ▼