Dollar Gaining Slightly As Europeans Return to Work

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Dollar Gaining Slightly As Europeans Return to Work

APRIL 23, 2019

Lack of currency volatile has become the norm and nothing seems to shake pairs from current ranges.

Overview

The Dollar was little changed against its G10 peers.  However, the greenback has been able to establish its best level against the Swiss franc as traders have switched their preference to yen on safe-haven flows.

Japanese markets will be closed for over a week starting next Monday for Golden Week.

The greenback is strengthening in early trading with the Dollar index touching a two-week high but it has little to do with the economic calendar.  New Home Sales will cross the wire a 10 a.m.

What to Watch Today…

  • New Home Sales at 10 a.m.

Complete Economic Calendar can be found here.

CAD

The Canadian dollar gave back some of its gains from yesterday’s session even as the price of oil remains at a 6-month high.  The recent gains in the Canadian dollar can be attributed to the rally in oil because the domestic economic docket has been disappointing as of late.

The Bank of Canada will hold its meeting on Wednesday and the central bank is largely expected to leave rates unchanged at 1.75%.

GBP

Financial markets in Europe and the U.K. reopened today but the sterling is little changed.  In fact, volatility in the sterling has fallen to the lowest level in years after the U.K. agreed to a six-month extension to Brexit.  U.K. Parliament will also return to work this week and plenty of work to do.  Prime Minister Theresa May may face another threat to her leadership with members of her own party looking to change the rule on how long a leader would be “safe” from another vote of no confidence.

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