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Daily Currency Update

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Bank of Canada Rate Decision – Canadian Dollar in Play Today

USD - US Dollar

The eyes of investors will be on US durable goods orders at 12:30 Eastern today. Supply chain bottlenecks have an unquestionable impact in this space. Today's earnings from 391 companies are due, including Thermo Fisher Scientific, McDonald’s, and Coca-Cola. Wholesale, mortgage applications and trade balance numbers are also on the US calendar today. The US Dollar Index is up today against most competing currencies.

CAD - Canadian Dollar

The Bank of Canada is set to announce its interest rate decision and other details on monetary policy during the North American session. Canadian inflation sits at an 18-year high, yet the BoC has signaled so far that rate hikes likely won’t come until later in 2022. Meaning, after the Canadian economy has time to shake off as much of the effects of the COVID-19 pandemic as possible. Supply chain challenges and a decrease in bond purchases are expected to be featured in the monetary policy document. USD/CAD is currently sitting at 1.2416 and trading in a range between 1.2351 and 1.2427.

EUR - Euro

Currency investors are looking forward to tomorrow’s ECB meetings and how President Lagarde will address current inflation rates. Eurozone inflation rates are lower in Canada and the United States, and analysts expect Lagarde to try and calm nerves about potential interest rate hikes. Pushback is anticipated from other ECB officials so that talks could get heated.EUR/USD sits at 1.1595 and is trading in a range between 1.1586 and 1.1619.

GBP - British Pound

The highlight of today’s economic news in the UK is the budget announcement. Details about spending increases on transportation, healthcare, and schools have already been shared, so analysts expect reductions in other areas such as local government and justice. GBP/USD closed at 1.3722 and is trading between 1.3711 and 1.38066.

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