USD TRADING AT AVERAGE YTD LEVEL
– USD is weak but immaterially so; the Fed is in blackout, there is no data today, accordingly markets are quiet.
– CAD is strong on broad USD weakness. No data today.
– EUR is quiet—Italian political risk remain; German CPI as expected at 1.5%; German auctions 2 yr at highest yield in 2-years.
– GBP rallies as unemployment surprises falling to 7.7%. Carney Thurs.
– JPY is flat as risk aversion falls and news flow is limited.
– AUD is soft leading into today’s unemployment release (9:30pm EST).
– NZD is flat leading into today’s RBNZ decision (5pm EST).
Read the full report: FX Daily
Scotiabank