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US Dollar Gains Amid Rising Yields and Weaker Yen and Euro; Canadian Dollar Marginally Lower


02.07.2024
US Dollar Gains Amid Rising Yields and Weaker Yen and Euro; Canadian Dollar Marginally Lower

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3700-1.3800

Euro                 1.4650-1.4750

Sterling            1.7300-1.7400

 

WTI Oil (opening level) $83.55

 

The US Dollar index is stronger to start July as the Greenback has benefited from rising yields in US bond market, a slightly weaker Euro as the far-right is leading in the first round of French elections and a Japanese Yen that is trading above 161.00 against the US Dollar. All-in-all just more situations that will keep pushing the dollar higher.

 

The Canadian Dollar is marginally weaker across the board as USD.CAD opens the month near the 1.3730 (0.7383) level and is a little weaker against the other currencies. The Loonie did recover a little from it lows yesterday as the rate hit 1.3760 (0.7267) at one point in thin trading conditions, once again the Loonie continues to trade in narrow bands but looks set to weaken more over the month.

 

The market's today are awaiting a speech by Fed Chair Powell on what the Fed's plan for interest rates are going forward so if he surprises the market we may get some volatility. After that the US market will start to shut down tomorrow for the July 4th holiday on Thursday and then we get the June employment data on Friday, unless Powell surprises the market the Loonie should remain stable until we here from those reports.

 



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Euro                 1.5600-1.5700

Sterling            1.7300-1.7400

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US Dollar         1.2600-1.2700

Euro                 1.5200-1.5300

Sterling            1.7600-1.7700