US Dollar weakens amidst collaborative efforts by top economies

18.04.2024

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

US Dollar 1.3700-1.3800

Euro 1.4650-1.4750

Sterling 1.7125-1.7225

WTI Oil (opening level) $81.91

The US Dollar index is lower today as finance officials from three (US, Japan and South Korea) of the world's largest economies have announced that they will "consult closely" on the strength of the US Dollar. This to me sends a signal that they are ready to work together in Asia to support the Yen with intervention if necessary to weaken the Dollar. USD.JPY fell to trade at 154.00 from a 34-year high near 1.5450 but has since moved back a little higher this morning. We will soon see what this "consult closely" means for the currency markets in the coming days.

The overnight market also saw a big drop in the oil price in the last 24 hours as oil dropped to trade near $82.00 a barrel which one report said was some 6.5% lower than the high seen last week after Iran bombed Israel. This drop is also being blamed on high inventory levels of crude oil in the US and for now the calming of Iran/Israel conflict. This is particularly needed as the people of Ontario wake up to a $0.15 increase in our gas price this morning.

The Canadian Dollar was able to extend some small gains against the US Dollar despite the big drop in the oil price, USD.CAD opens the day near the 1.3750 (0.7273) level which is down about $0.70 on the day.

Nothing of note on the calendar for the rest of the week, stocks in the US again finished lower yesterday but are poised for a small gain on the opening today. Currency markets should remain stable as they await to see what happens with the Yen in the coming days.

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