US dollar continues seven-day losing streak

US dollar continues seven-day losing streak

Optimism for a global recovery based off vaccinations in Europe along with an improving outlook for the US continues to support commodity currencies. Risk-on trading resulted in a lower Japanese yen as the country also struggles with a fourth wave of the coronavirus. Earlier in the session, EUR/USD hit highest level since March. Central bank announcements from Canada and Europe are due later this week.

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  • FX Rates
    April 20, 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 Bloomberg dollar index is largely unchanged as the US dollar continues its seven-day losing streak. There are no economic data releases due today and Fed speakers are quiet ahead of next week’s FOMC meeting on April 28.
    Sterling is trading lower after failing to hold the break above 1.40. Soft employment data out of the UK pushed the currency lower.
    Earlier in the session, EUR/USD hit a fresh one-month high of 1.2080. The currency pair has since retreated holding above the key technical level of 1.2015.
    The Canadian dollar is modestly stronger vs. the US dollar ahead of the Bank of Canada meeting on Wednesday. Traders are speculating that the central bank could begin tapering asset purchases as soon as this week.

    USD/JPY is trading higher amidst surging coronavirus cases in the country. The slow pace of vaccinations in Japan could continue to put pressure on the Japanese yen.

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Cate Camerota
Cate Camerota

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