The greenback is firmer against the Euro and Pound today on a mostly quiet day as the Fed is in a blackout period before meetings starting on November 3rd. Consumer confidence numbers and new home sales statistics are due out today. The Biden administration is reportedly close to passing their massive infrastructure deal through Congress. The US Dollar Index is up today, mostly on the strength of rising US Treasury bonds.
Limited energy inventories of oil and gas and predictions that demand for energy will return to pre-COVID levels are supporting the loonie today. Oil prices slipped slightly in today’s trading; predictions of November weather will be colder than usual will further test supply. Bank of Canada officials are set to meet tomorrow, and investors wait to hear guidance about timetables for interest rate increases before making moves on the Canadian dollar relative to cooling inflation. USD/CAD is currently sitting at today’s low of 1.2355, after hitting a high of 1.2396.
The weak Euro is struggling after the European Central Bank admitted it will likely have to revise its inflation forecasts. There aren’t any significant items on the Eurozone announcement calendar in the run-up to Thursday’s ECB meetings. Weaker-than-expected data from the German Ifo think-tank contributed to the Euro sinking to its lowest value since April. EUR/USD sits at 1.1623 after touching a low of 1.1593. The top of today’s trading range was 1.1624.
Brexit talks continue today in London. Prime Minister Boris Johnson had said talks remain constructive, but the Northern Ireland Protocol continues to be a point of major contention. Analysts say unless the UK or the EU signals that it will compromise on the post-Brexit trade arrangements, it will be challenging to forecast the direction the pound is headed. The Bank of England is set to meet on November 4th. GBP/USD closed at 1.3827 and is trading between 1.3742 and1.3828.
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