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US Dollar Edges Up, AI Stocks Propel Markets, Central Banks Influence Currencies


20.06.2024
US Dollar Edges Up, AI Stocks Propel Markets, Central Banks Influence Currencies

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

US Dollar        1.3675-1.3775

Euro                 1.4675-1.4775

Sterling            1.7350-1.7450

 

WTI Oil (opening level) $80.70

 

The US Dollar index is marginally higher as the market reopens after the US Federal holiday yesterday this morning, US Stocks continue to hit new records as AI driven tech stocks continue to push the markets forward. In overnight news The British Pound took a quick dive as the Bank of England announced they were keeping interest rates at current levels despite two members voting for a rate cut. In Switzerland, the Central Bank announced an interest rate cut which helped to push the Franc a little lower. Central Bank activity will continue to dominate the markets for months to come.

 

The Canadian Dollar was able to extend some small gains against most currencies over the last day, nothing to get too excited about but the Loonie was able to pick up some strength as the oil price has moved back above $80 a barrel. USD.CAD is still above 1.3700 (0.7299) and I still feel any significant strength will be hard to come by.

 

The TSX had a tough day yesterday and after the holiday yesterday the US markets look set to test a little higher on the opening, all market watchers will be looking at Nvidia as it has now become the worlds most valuable company with a valuation of over $3 Trillion Dollars, it is certainly pushing this AI tech boom forward.

 



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08.02.2022

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

US Dollar             1.2675-1.2775

Euro                     1.4450-1.4550

Sterling                1.7150-1.7250

19.01.2021

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

US Dollar         1.2700-1.2800

Euro                 1.5400-1.5500

Sterling            1.7300-1.7400

21.03.2023

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

US Dollar         1.3650-1.3750

Euro                 1.4700-1.4800

Sterling            1.6700-1.6800