Daily FX Update

USD FIRMS—CHINA’S GPD AS EXPECTED AT 7.5% Y/Y

• USD is retracing some lost ground in a quiet start to the week.
• USD—this week’s highlight: Bernanke’s report to Congress (Wed).
• CAD is soft leading into this week’s BoC meeting—Poloz’ first.
• EUR is weak after a quiet data free session, where the focus was on Portuguese politics and rumours of a German ratings downgrade.
• GBP is soft but session was quiet, with limited news flow.
• JPY weakened during a holiday session. News flow limited.
• AUD was strong, but still trading close to its recent low. Today at 9:30pm EST, the RBA will release its minutes, likely to be dovish.
• CNY is flat after China releases an as expected GDP of 7.5% y/y in Q2.

Read the full report: FX Daily

 

Scotiabank

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