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Daily Currency Update

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Canadian Retail Data, US Fed Speech to Set the Tone for Currency Market

USD - US Dollar

Fed Chair Jerome Powell is preparing to give a speech today. It’s expected his remarks will focus on how the Fed will take action to cool off inflation. Initial jobless claims declined to 290,000 yesterday, the lowest number since March of 2020, at the beginning of the pandemic. The greenback is slightly weaker against peer currencies today.

CAD - Canadian Dollar

Canadian retail sales data for September will be released this morning, and CAD investors hope consumers in the Great White North were buying more goods than their UK counterparts. Oil prices creeped up by a toonie a barrel in overnight trading. USD/CAD is trading in a range between 1.225 and 1.24.

EUR - Euro

European manufacturing data disappointed overnight. Meanwhile, the European Central Bank is pondering ways to ease inflation without significantly raising interest rates for fear of threatening an economic recovery in the region. The EUR/USD trading range is hovering between 1.154 and 1.740.

GBP - British Pound

The Bank of England shared some good news about business and manufacturing in the UK, though retail sales numbers fell more than expected. The popular opinion is that British citizens were enjoying the relaxing of COVID restrictions by getting out of their homes, but they weren’t spending their time in shopping malls or buying online. Today’s GBP/USD range is between 1.365 and 1.385.

Currency Chart

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