Daily Currency Update

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Little movement for USD

USD - United States Dollar

Demand for the US dollar was relatively unchanged in overnight trading and continued to trade near levels not seen in several years.

Most notably, GBPUSD dipped below 1.39 last night and crept back toward 1.40 this morning. And USDCAD dipped back down to 1.262 this morning. WTI Crude Oil, the primary measure of North American produced oil, climbed back above $60 a barrel.

The value of the US dollar has tracked equities for the last year. As equities wobble, demand increased for USD. In addition, rising commodity prices have increased demand for commodity currencies likes the Canadian dollar.

Key Movers

EURUSD was firmly back in the spotlight. It moved hovered around 1.20 as equity markets sold off any profits and went with the dollar. The disparities between the US and the EU in the COVID-19 vaccination rate have added pressure to the euro.

In the UK, the vaccination momentum continued. Despite the positive news, GBPUSD slipped back against the dollar as jittery stock markets drove investors toward cash.

The Australian Dollar bounced off lows through trade on Monday, creeping back toward 0.78 US cents as conditions across treasury markets calmed. Last week’s rally through 0.80 was firmly rejected and the AUD finds itself back within entrenched ranges as attentions turn to today’s RBA policy meeting low and rate statement.

Expected Ranges

EUR/USD: 1.199 -1.207 ▼

GBP/USD: 1.386 - 1.395 ▼

AUD/USD: 0.773 - 0.781 ▼

USD/CAD: 1.261 - 1.269 ▼