News out of China showed that the nation’s highest leaders are committed to meeting economic targets. This statement pushed oil and iron ore prices higher supporting commodity-linked currencies. The US dollar retreated from multi-year highs and the Bloomberg dollar index is down 0.5% dropping the most this week.
April 29, 2022
EUR/USD 1.0535 GBP/USD 1.2550 USD/CAD 1.2735 AUD/USD 0.7158 USD/JPY 130.20 USD/CNH 6.6346 USD/ILS 3.3200 USD/MXN 20.3283 USD/CHF 0.9718 USD/INR 76.4337 USD/BRL 4.8933 USD/SGD 1.3803 USD/DKK 7.0622 USD/SEK 9.7798 USD/NOK 9.2713
The Bloomberg dollar index is trading 0.5% lower following a statement from China’s top leaders assuring the nation would meet economic targets. US dollar has dropped the most in a week versus its peers.GBPSterling is trading higher versus USD amidst broad market sentiment. The currency pair is trading 0.9% higher after six straight sessions of decline.EUREuro-area inflation rose to a fresh all-time high with the region’s consumer prices printing up 7.5% YoY. Energy remains the key driver and investors continued to be focused on this dynamic, especially following news that Russia will halt natural gas supplies to Poland and Bulgaria.CADUSD/CAD is trading 0.5% lower following negative GDP data out of the US and higher oil prices. WTI crude prices trading near $106/bbl has helped support the loonie despite the currency lagging other commodity-linked currencies.ASIA/PACIFICUSD/JPY remains above the 130 handle after retreating from highs seen yesterday. AUD and NZD trading higher following statement from China’s top leaders pledging to meet economic targets which pushed iron ore prices higher.
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