USDCAD: open 1.4268, overnight range 1.4240-1.4280, close 1.4261, WTI 70.65, Gold 2937.63
The Canadian dollar was Trumped yesterday, and it is licking its wounds this morning. Yesterday, Mr. Trump said, “We are on time with the tariffs, and it seems like that is moving along very rapidly.”
EURUSD drifted within a narrow 1.0457-1.0480 range overnight, with the focus shifting away from German election concerns and back to the contrasting policy stances of the ECB and the Fed. Comments from ECB policymaker Martin Kazaks, who reiterated his support for rate cuts, weighed on the pair. Meanwhile, German Q4 GDP contracted by 0.2% as forecasted.
GBPUSD traded in a 1.2606-1.2639 range. Prices were on the defensive following yesterday’s BoE policymaker Swati Dhingra’s renewed call for aggressive rate cuts. She reiterated that a slower reduction would hinder economic growth. Later today, BoE Chief Economist Huw Pill is expected to push back against her position, emphasizing concerns over persistent inflation. With limited US data ahead of month-end, range trading is likely to persist.
USDJPY dipsy-doodled in a 149.20-150.30 band, initially rallying in Asia before reversing course. Expectations for higher Japanese rates and increasing risk aversion weighed on the currency pair.
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AUDUSD traded defensively in a 0.6326-0.6357 range due to negative risk sentiment. Australian CPI data is on tap tomorrow and expected at 2.6% y/y in January compared to 2.5% previously.
US consumer confidence is forecast to decline to 102.5 from 104.1.
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