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Daily Currency Update

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Canadian Inflation Rate Up, Production Down

USD - US Dollar

As many of the world’s central banks are announcing inflation rates, the US dollar is recovering against other top currencies. Oil prices hit a seven-year high overnight before dropping to $82.75, however energy experts feel concerns about winter fuel prices are a going concern. The US Dollar Index is climbing today as investors hope that the Fed was right yesterday in predicting US inflation would fall next year. Statistics about US jobless claims and housing are due out today.

CAD - Canadian Dollar

Increases in the cost of fuel and continued supply chain bottlenecks contributed to September’s Consumer Price Index to rise to an 18-year high yesterday year-over-year. Bank of Canada Governor Tiff Macklem said that inflation rates will likely stay high for a while longer as the COVID-19 pandemic continues to create supply chain delays in the automotive industry and elsewhere. This high CPI rate is elevating pressure on the BoC to raise interest rates next year, and end stimulus programs sooner than Canadians would like. CAD/USD sits at 1.2338.

EUR - Euro

The Euro is gaining ground on the greenback in today’s trading as the European Central Bank work to convince citizens in the region that inflation rates are only temporary. EUR/USD currently hovers around 1.1640 after hitting a high of 1.1666.

GBP - British Pound

Business optimism is low today in the UK, down from a high point during the summer. The Bank of England has shared that they are willing to raise interest rates to cool off inflation. A pending November interest rate increase is already priced into market expectations. GBP/USD is at 1.38105.

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