Daily Currency Update

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US dollar steadies after upbeat GDP

USD - United States Dollar

Upbeat GDP numbers released yesterday helped the US dollar remain stable, with the dollar index seeing a slight uptick. Initial jobless claims fell to 553,000, the lowest level since the pandemic began. On the whole, recent US economic data continues to point towards a solid recovery.

US non-farm payrolls for April will be released next week. Current expectations are for 900,000 jobs to have been added to the economy.

The positive economic sentiment has pushed USDCAD to a three-year low. Climbing commodity prices and a more hawkish Bank of Canada have increased demand for the Canadian dollar.

Key Movers

The euro performed well this week against both the US dollar and the pound. Despite ongoing partial lockdowns, the latest Eurozone consumer and business confidence indicators released yesterday suggested a renewed optimism in the single bloc.

Overnight the Aussie reached a high of 0.7818 on the back of continued broad greenback weakness and a rise in commodities and equities. The outlook for the Australian dollar remains strong on the strength of commodity markets, with iron ore and copper prices hitting their highest level since February 2011.

Expected Ranges

EUR/USD: 1.206 - 1.212 ▼

GBP/USD: 1.386 - 1.395 ▼

AUD/USD: 0.775 - 0.778 ▼

USD/CAD: 1.226 - 1.231 ▼