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The European market opening pushed the US dollar to lose some strength


11.04.2023
The European market opening pushed the US dollar to lose some strength

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

US Dollar         1.3450-1.3550

Euro                 1.4700-1.4800

Sterling            1.6750-1.6850

 

WTI Oil (opening level) $79.40

The US Dollar index is marginally weaker this morning as the European markets opened up after their Easter holiday break. The Greenback gave back some of the small gains it made from Friday's employment numbers in what was a fairly quiet overnight session, traders are now awaiting tomorrow's inflation report to get a sense of what the Fed will do with interest rates in early May.

The Canadian Dollar is unchanged against the US Dollar and again opens the day near the 1.3500 (0.7407) level, the Loonie did lose some ground to the other currencies overnight as it gave back the strength it picked up yesterday. Overall, the Loonie continues to range trade ahead of the Bank of Canada announcement tomorrow.

Nothing of note on the calendar today with the exception of a couple of Federal Reserve committee members giving speeches, FX markets should remain fairly steady as they await the US inflation report and the Bank of Canada announcement tomorrow.



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Sterling            1.6500-1.6600

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