GBP/USD was unable to hang on to yesterday’s gains and prices dropped from $1.3814 to $1.3773. Analysts continue to suggest the weakness is due to supply chain disruptions. Composite and Services PMI were weaker than expected, while Manufacturing PMI was close to unchanged. Gains were capped by disappointing Purchasing Managers Index data. The results are unlikely to have a lasting impact on the Canadian dollar as price action is being dictated by external forces.ĮUR/USD spent the week in a $1.1620-$1.1670 range, and it is sitting around the middle of that band in early New York trading. Retail Sales are expected to have risen 2.0% m/m and ex auto’s by 2.8%. Statistics Canada releases August Retail Sales data today. Those prices have additional upside due to post-pandemic demand, supply issues, and expectations for an early, cold start to winter. The Canadian dollar is benefitting from West Texas Intermediate oil prices trading above $80.00/barrel. The Canadian dollar managed to eke out a 0.48% gain. The antipodean currencies are the biggest gainers with the New Zealand dollar rising 1.74% and the Australian dollar gaining 1.62%. dollar for a loop this week, and it is poised to close with losses against the major G-10 currencies. 10-year Treasury yields from 1.575% on Tuesday to 1.70% overnight failed to dampen enthusiasm. The S&P 500 has risen for seven consecutive days and even the jump in U.S. Traders are in a positive risk mood, powered by relentless gains on Wall Street. Prices climbed steadily in Asia and continued to do so during the European session and in early New York trading. The Canadian dollar has risen 0.48% since Monday’s New York open and today.
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