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US Bond Yields Rise Overnight, Erasing Some of Yesterday’s USD Losses

USD - US Dollar

US Treasury Bond yields rose overnight by more than 2%, despite the market mood regaining a sense of caution in trading in European money markets. US housing starts dropped by 1.6%, and building permits sunk by 7.7% in September, giving investors reason for pause. That said, the USD managed to reduce much of its losses from yesterday. The US Dollar Index rose from 93.50 yesterday to hover around 93.70 today.

CAD - Canadian Dollar

Loonie watchers are waiting for inflation news during the lunch hour today, as the Bank of Canada will share news about the latest Consumer Price Index changes. More monetary policy direction will be announced next week by the Bank of Canada. In the meantime, the CAD currently sits at 1.2351 against the greenback after touching a high of 1.2338 in today’s trading.

EUR - Euro

European CPI inflation rates held at 3.4% as expected. EUR/USD is currently trading calmly around 1.160, with market analysts looking for a hold in the 1.17 range. The European Central Bank’s policy maker, Pierre Wunsch told reporters he supports a gradual exit from the current expansionary monetary policy. The market mostly ignored those comments, and EUR/USD is down just over half a percentage point. The Euro is slightly higher against the Pound.

GBP - British Pound

A resurgence in the COVID-19 pandemic, combined with a surprisingly lower UK inflation rate than expected. GBP/USD dipped below 1.3800, despite seemingly unbeatable optimism around Brexit. Inflation rates dipped to 3.1% last month, and UK housing prices jumped by 10.6%

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