The greenback remains supported following hawkish comments from the Fed earlier this week. USDCAD hit levels not seen since April 28th as markets move away from risky assets and WTI oil trades lower. Sterling is under pressure and trading lower as coronavirus cases surge in the nation. The European Central Bank begins a three-day summit today where topics will range from inflation targets to climate change.
June 18, 2021
EUR/USD 1.1873 GBP/USD 1.3852 USD/CAD 1.239 AUD/USD 0.7501 USD/JPY 110.29 USD/CNH 6.4542 USD/ILS 3.272 USD/MXN 20.5310 USD/CHF 0.9218 USD/INR 73.8613 USD/BRL 4.9925 USD/SGD 1.3441 USD/DKK 6.2630 USD/SEK 8.6164 USD/NOK 8.6446
The US dollar is trading near session highs as the currency remains supported by hawkish comments from the Fed. The Fed’s James Bullard stated that the topic of tapering will continue to be discussed at upcoming meetings as the central bank will need to adjust policy to achieve inflation goals.GBP
Sterling fell to weakest level against the US dollar in almost a month as surging coronavirus cases tarnish confidence in the UK’s economic recovery. GBPUSD is down as much as 0.5% as the greenback remains supported on hawkish comments from the Fed earlier this week.EUR
The European Central Bank meets today as the start of a three-day summit. Former President of the European Central Bank and Italian Prime Minister Mario Drahi commented that more stimulus is needed for the region to return to pre-covid trend.CAD
The Canadian dollar is trading at weakest levels since April with USDCAD hitting 1.2399 earlier in the session. Lower WTI oil prices along with broad USD dollar strength has caused the loonie to weaken.ASIA/PACIFIC
The Australian dollar reversed recent losses, as a key economist referred to last month’s employment data as a “game changer”, suggesting that the central Bank may look to raise rates in early 2023. AUD gained as much as 0.5% on the comments.
The Yen is little changed after the Bank of Japan maintained its current policy rate and confirmed that they would be extending their pandemic support program.
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