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.
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April 6, 2021
EUR/USD 1.1831 GBP/USD 1.384 USD/CAD 1.2556 AUD/USD 0.7638 USD/JPY 109.78 USD/CNH 6.5473 USD/ILS 3.2997 USD/MXN 20.2048 USD/CHF 0.9352 USD/INR 73.4250 USD/BRL 5.6424 USD/SGD 1.3401 USD/DKK 6.2862 USD/SEK 8.6572 USD/NOK 8.5206
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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