Daily Currency Update

Get access to our expert daily market analyses and discover how your currency has been tracking with our exchange rate tools.

The Greenback falls slightly after the release of modest retail sales numbers.

USD - United States Dollar

Last Friday, retail sales numbers came in at 0.2 versus the 0.3 percent expected. However, consumer spending has been resilient. Retail sales came in lower than expected, but they have rebounded in October, even though consumers cut down on big-ticket purchases. Market participants will have a better gauge of the retail sector when companies such as Target, Home Depot, and Macy's report earnings this week. For now, the U.S. dollar loses momentum to the upside.

The improved mood in the capital markets after China's Vice Premier Liu He and Treasury Secretary Steven Mnuchin held "constructive discussions," has helped cyclical currencies like the Aussie and Kiwi dollar in overnight trading. Each side's main worries for phase one of the agreement seem eased after a phone call that was initiated by the U.S.

Key Movers

It will be a busy week for Canada in terms of economic data. Manufacturing sales for September will be released tomorrow. Still, on Wednesday, inflation numbers will be released along with employment numbers and the cherry on the cake will be Bank of Canada (BoC) Governor Stephen Poloz speaking on Thursday and BoC member Wilkins speaking tomorrow, followed by the release of the latest retail sales figures on Friday.

Regarding the British Pound, it is known that market sentiment moves the currencies in the short-term. In that regard, with the election sentiment favoring Boris Johnson's Conservatives, market participants feel more positive about a likely Brexit end game next year. The GBP/USD pair trades at 1.2960, representing a 0.48 percent increase.

Expected Ranges

USD/CAD: 1.3219 - 1.3237 ▲

EUR/USD: 1.1043 - 1.1076 ▲

GBP/USD: 1.2924 - 1.2975 ▲

AUD/USD: 0.6750 - 0.6821 ▼

NZD/USD: 0.6350 - 0.6409 ▼