Tuesday: ZEW Survey Expectations
Wednesday: US CPI MoM
Thursday: US Initial Jobless Claim, UK GBP QoQ
Friday: University of Michigan Sentiment, EU CPI YoY
May 9, 2022
EUR/USD 1.0546 GBP/USD 1.2344 USD/CAD 1.2919 AUD/USD 0.7019 USD/JPY 130.77 USD/CNH 6.7643 USD/ILS 3.4399 USD/MXN 20.2760 USD/CHF 0.9925 USD/INR 77.4637 USD/BRL 5.1335 USD/SGD 1.3909 USD/DKK 7.0565 USD/SEK 10.0234 USD/NOK 9.5580
The dollar continues to strengthen and it briefly rose to its strongest levels in two years. The ongoing Russian Ukrainian War and lockdowns in China are a concern for global growth, leading to dollar strength. The Fed announced that they plan to continue with rate increases in 50bps increments, and they will not look to make larger hikes in a single meeting.GBPSterling continues to weaken against the dollar after falling more than 200 pips last week. Last week the BOE raised interest rates 50 basis points. The BOE’s signaled concern of a UK recession as soon as Q4 2022, which caused sterling to fall against its peers.EUR
EURUSD rates remain mostly unchanged from last Friday. The EUR continues to trade near $1.05.CAD
The loonie fell against the dollar as oil prices slide. USDCAD rates reached lows that were last seen in December 2021. WTI Oil and Brent Crude are down 2.35% and 2.23% respectively on the day.ASIA/PACIFICAUDUSD rates are holding slightly above 0.7000. Sliding oil prices and pressure on other commodities are weighting on the currency to start the trading day.
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