Aussie Drops on Jobs; CAD Rallies on Oil

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Aussie Drops on Jobs; CAD Rallies on Oil

JUNE 13, 2019

The U.S. dollar gained slightly against most of its European counterparts but slipped against the Swiss franc and the Canadian dollar.

Overview

The majority of the movement overnight was caused by events on the other side of the pond.

The Swiss franc got a boost as the Swiss National Bank kept its language over the strength of its currency unmoved.

The Australian dollar was the biggest loser overnight, falling to a monthly low as a mixed job report caused traders to increase bets the central bank will need to ease policy further.

The domestic docket is fairly light so events abroad may continue to dictate trade.  However, we will continue to keep an eye on trade tensions.  Many analysts and CEOs do not think that the U.S. and China will make a deal by June 29th when Presidents Trump and Xi Jinping are set to meet in Japan.

What to Watch Today…

  • No major events scheduled for today.

Complete Economic Calendar can be found here.

CAD

The Canadian dollar found support overnight and oil rallied after the U.S. Navy said that two oil tankers were attacked in the Persian Gulf.  The price of crude oil has been under heavy pressure over the past month as trade tensions escalate but crude is up over $2 at the time of writing.

GBP

The British pound fell yesterday and remained under pressure overnight.  In a close vote, U.K. lawmakers voted down an attempt by the Labour Party to block an eventual no-deal Brexit in October.  The result is that a hard Brexit remains a (remote) possibility as 10 Conservatives vie to be the next Prime Minster.  The first round of voting is today.

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