Dollar flat as IMF rises global economic forecast

Dollar flat as IMF rises global economic forecast

The US dollar opened slightly weaker this morning as the spring meetings of the IMF and World Bank begin. US Treasury Secretary Janet Yellen backed a global minimum corporate tax to combat a race to the bottom on taxation. The IMF also upgraded the global economic forecast in response to US stimulus response and the pace of vaccine rollouts.  

"Life is like riding a bicycle. To keep your balance, you must keep moving."

 

 Albert Einstein
  • FX Rates
    April 6, 2021

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.


  • USD

    The dollar is weaker after having strengthened during European trading. Equities cooled slightly overnight. JOLTS openings for February are due out today. Yesterday’s ISM numbers jumped to a record high and US equities followed the data higher.

    GBP

    The pound gave up ground against the dollar slumping from two-week highs amid some profit taking. The UK is set to exit lockdown on April 12 and citizens will have access to two tests per week to prevent further outbreaks.

    EUR

    The euro held ground above 1.18 as 3B in option volume expires over the next 3 days. As France enters a third national lockdown, and cases rise in the bloc, hopes of faster vaccine distribution support the common currency.  

    CAD

    The Canadian dollar rebounded from early losses alongside other commodity currencies.  Renewed hope for strong demand for commodities helped the loonie as forecasts are raised for global economic growth.

    ASIA/PACIFIC

    USD/JPY held above 110 supported by dip buying interest ahead of $1.8B in option expiry on Wednesday.

    The Reserve Bank of Australia held interest rates and advised no changes in the short term.

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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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