Reports say the Biden administration is set to impose restrictions on American oil companies, as oil and gas production is expected to decrease during Biden’s presidency. Concerns over inflation are weighing on the greenback this morning, as is a dominant risk-on mood. The US Dollar Index sits at a monthly low of 93.60.
CAD - Canadian Dollar
Investors expect energy costs to remain high in the coming months, which is boosting the loonie up over the greenback in the first half of today’s trading in the European currency markets. USD/CAD is hovering around 1.2320.
EUR - Euro
The European Central Bank feels inflation in the Eurozone is transitory, but subdued at its core, but if it continues for much longer, it will likely impact forecasts. EUR/USD is staying in a range just over 1.1650.
GBP - British Pound
GBP continues to trend lower. The Bank of England’s Governor Bailey is expected to discuss UK inflation today in advance of tomorrow’s inflation report. GBP/USD remains rangebound trading in the 1.38 range
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