The Greenback is trading to new one-month highs, backed by robust economic data.

OFX Daily Market News

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CAD – Canadian Dollar

The U.S. dollar is steady and haven currencies such as the Japanese Yen are slightly lower as virus concerns have begun to fade among market participants and investors and after China said it plans to half tariffs on some imports from the U.S. later this month.

U.S. jobless claims fall 15k to 202k, versus an estimated of 215k; the lower the number relative to the expected value, the better for the U.S. dollar, such as in this case.

Yesterday, Mary Daly, San Francisco Fed President, said in regards to the Coronavirus, “I expect China to have a couple of quarters of weaker growth and then bounce back once this has been resolved, and then that to have a temporary impact on the U.S. economy and go away once things have been resolved.”

Key Movers

The EUR/USD pair touched its daily high of 1.1014 after European Central Bank President Christine Lagarde told European Parliament lawmakers that policymakers have few options for more monetary stimulus after many years of economic crisis-fighting. She was implying that the ECB will not be more dovish or cut rates in even more negative territory. However, the EUR/USD pair is up only 0.05 percent, trading at 1.1003 at this moment.

Expected Ranges

USD/CAD: 1.3243 – 1.3323 ▲

EUR/USD: 1.0986 – 1.1023 ▲

GBP/USD: 1.2941 – 1.3000 ▼

AUD/USD: 0.6721 – 0.6747 ▼

NZD/USD: 0.6450 – 0.6490 ▼


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