April 7, 2022
EUR/USD 1.0924 GBP/USD 1.3075 USD/CAD 1.2574 AUD/USD 0.7484 USD/JPY 123.92 USD/CNH 6.3631 USD/ILS 3.2276 USD/MXN 20.1335 USD/CHF 0.9328 USD/INR 75.96 USD/BRL 4.7382 USD/SGD 1.3603 USD/DKK 6.8058 USD/SEK 9.4333 USD/NOK 8.7760
Yesterday’s FOMC minutes revealed that the Fed is preparing to move more aggressively to fight inflation and included that many members were in favor of a 50 basis point hike in May. Also mentioned in the minutes is that the Fed would likely look to reduce its balance sheet after the May meeting at a rate of $95 billion a month. US Jobless claims fell last week and matched the lowest levels since 1968.GBPGBP/USD rates remain stable from yesterday holding near the $1.30 mark. Overall USD strength in the marketplace is pressuring the pair, but the sterling is remaining stable compared to other currency pairs.EUR
The euro is weakening for the sixth consecutive day, with the lowest levels since March 8. Since the Fed minutes were released yesterday afternoon, the euro remains under pressure due to overall dollar strength.CAD
The loonie continues to weaken against the greenback today, despite oil prices continuing to advance at the start of the trading day. Oil prices hit a high of $104/barrel yesterday, but then slid to $96. It has since rebounded 1.60% to $98/barrel, while the loonie is down 0.15% intraday.ASIA/PACIFIC
AUD/USD continues to slide this week from Tuesday’s high. The Fed's hawkish outlook pressured the commodity-linked currency, but rising commodity prices and the RBA’s hawkish comments toward rate increases have helped to limit additional losses for the aussie dollar.
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