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US Dollar Strengthens Amidst Global Market Turbulence: Key Insights on Economic Data, Inflation, and Currency Movements


17.01.2024
US Dollar Strengthens Amidst Global Market Turbulence: Key Insights on Economic Data, Inflation, and Currency Movements

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

US Dollar         1.3475-1.3575

Euro                 1.4650-1.4750

Sterling            1.7100-1.7200

 

WTI Oil (opening level) $71.05

The US Dollar Index is again stronger this morning as stock markets continue to fall, the Greenback continues its recent trend of starting the North American day stronger as worrying economic data out of China last night has again driven stocks and commodity prices lower. The only currency to push back against the Dollar overnight was the British Pound which jumped quite a bit on higher inflation data that should keep the Bank of England on the sidelines when it comes to cutting interest rates.

Nothing good for the Canadian Dollar and economy this morning, inflation in December jumped as expected yesterday to 3.4% up from the November rate of 3.1%, this number will also keep the Bank of Canada from increasing interest rates but it was not enough to support the Loonie as USD.CAD rose to trade as high as 1.3525 (0.7394) overnight before pulling back a little. The Loonie also lost considerable ground to the other currencies so overall a tough start to the day for our Dollar.

We will get further readings on the US economy today as we get the US Retail Sales report and we also get a few Federal Reserve speakers who most likely will be talking about interest rates. For the most part the Loonie, stocks and oil should remain weak and the Dollar able to extend further gains.



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17.06.2022

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

US Dollar             1.2950-1.3050

Euro                     1.3600-1.3700

Sterling                1.5900-1.6000

10.01.2023

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

US Dollar             1.3350-1.3450

Euro                     1.4350-1.4450

Sterling                1.6250-1.6350

09.05.2022

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

US Dollar             1.2900-1.3000

Euro                     1.3600-1.3700

Sterling                1.5950-1.6050