The greenback is down on the day as a slight risk-on appetite returns. The dollar is weaker than roughly half of its G10 peers. Oil prices slide to start the trading session, dragging on the loonie and Aussie dollar. AUD/USD pair slipped through 0.70 as inflation, commodity prices and China’s COVID zero policy has pressured the currency.
May 10, 2022
EUR/USD 1.0555 GBP/USD 1.2330 USD/CAD 1.2972 AUD/USD 0.6973 USD/JPY 130.09 USD/ILS 3.4605 USD/MXN 20.2787 USD/CHF 0.9920 USD/INR 77.31 USD/BRL 5.1200 USD/SGD 1.3883 USD/DKK 7.0444 USD/SEK 10.0420 USD/NOK 9.6964
USDThe USD has retreated marginally with both the Bloomberg dollar spot index and the DXY down 0.10% on the day. Markets await the US CPI reports release tomorrow.GBP
GBP/USD rates had little movement from yesterday, and the pair is trading closely. Cable ticked higher after the Queen’s Speech, but the lift was muted by falling retail sales data.EURSimilar to the sterling, EUR/USD levels are holding from yesterday. The Russian invasion of Ukraine and sanctions continue to risk oil and gas supplies to the EU. Germany released the ZEW survey which improved in May from -41.0 to -34.3.CADUSD/CAD rates have pulled back slightly and are holding near the 1.30 mark. Today’s slight risk on sentiment has helped the loonie stabilize near 1.30, but sliding oil prices may undermine the pair. WTI Crude is down 0.47% intraday.ASIA/PACIFIC
The Aussie dollar has dropped below $0.70, but has stabilized at its lowest levels since July 2020. The Aussie dollar is largely being effected by China’s COVID zero policy, as supply chain and manufacturing job disruption is at an all-time high.
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