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.
April 20, 2021
EUR/USD 1.2043 GBP/USD 1.3958 USD/CAD 1.2527 AUD/USD 0.7774 USD/JPY 108.4600 USD/CNH 6.4972 USD/ILS 3.2497 USD/MXN 19.8546 USD/CHF 0.9155 USD/INR 74.8838 USD/BRL 5.5250 USD/SGD 1.3287 USD/DKK 6.1748 USD/SEK 8.4170 USD/NOK 8.3009
USDThe 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.GBPSterling is trading lower after failing to hold the break above 1.40. Soft employment data out of the UK pushed the currency lower.EUREarlier 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.CADThe 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.ASIA/PACIFIC
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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