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US Dollar index starts to gain back some strength


12.11.2020
US Dollar index starts to gain back some strength

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

US Dollar         1.3050-1.3150

Euro                 1.5400-1.5500

Sterling            1.7175-1.7275

 

The US Dollar index is marginally stronger this morning as North American markets return to full strength. The Dollar has picked up some steam and stock markets are pointing lower as comments from European Central Bank Governor Christine Lagarde that there will be a lot more economic pain from the expanding virus in Europe before a vaccine will be ready weighed on the markets. The Dow Jones is pointing some 175 points lower on the opening which will end a few days of solid gains if it holds up and will put pressure on the US Dollar to strengthen further.

 

The Canadian Dollar has again lost some ground to the US Dollar as USD.CAD opens the day at the 1.3100 (0.7633) level so almost all of the gains from the last few days have now been given back to the market. The Loonie continues to move back and forth against both the Euro and Pound as well as it still being influenced by events south of the border due to the lack of domestic activity.

 

With only US secondary data on the calendar for today look for more virus news to move the US Dollar needle and watch and see if the Trump campaign will cause more havoc which will make markets nervous as time goes by.

 



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