Final January UK PMI data were revised lower but both Services and Composite activity remained in expansion territory (at 50.8 and 50.6 respectively), Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Weaker than expected PMIs from Spain, downward revisions to French data and a minor upgrade for the German Composite index saw the final Eurozone January Services index marked lower than the preliminary release at 51.3 (from 51.4) while the Composite I…
Tariff worries are easing—for now, at least—which is allowing the CAD to stabilize.
The USD continues to retreat, leaving the DXY more than 2% below Monday’s peak, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Pound Sterling (GBP) is trading down a little on the session after a two-cent rebound from yesterday’s intraday low and stretch gains against the EUR to retest the mid-0.82 zone on the cross, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Eurozone officials are bracing for Trump’s tariff focus to turn to the EU shortly, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
USD/CAD peaked just under 1.48 yesterday and traded back to a little under 1.44 just before the close in one of the wildest days of spot movement since the GFC, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
That was exhausting. Yesterday brought a mix of news on tariffs that likely reflects the sort of swings in sentiment we will have to expect as President Trump wields the tariff hammer on the US’ main trading partners, Scotiabank’s Chief FX Strategist S…
The Pound Sterling (GBP) is weaker on the session but it has held up a little better than its G10 peers, Scotiabank’s Chief FX Strategist Shaun Osborne notes, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The EUR slumped to 1.0150 in early Asian trade but has since stabilized in the low/mid-1.02 range. President Trump made it clear that tariffs are coming for the EU as well in the not-too-distant future, Scotiabank’s Chief FX Strategist Shaun Osborne no…
The Canadian Dollar (CAD) has weakened in response to President Trump applying 25% tariffs on Canadian exports to the US. A 10% tariff will apply to Canadian energy exports. In response, Canada has announced limited counter-tariff retaliation of 25% co…
The first real shots of a global trade war were fired at the weekend, with President Trump levying 25% tariffs on Canada and Mexico, an additional 10% on Chinese goods and telling Europe that tariffs are ‘absolutely’ coming.
The Pound Sterling (GBP) is little changed on the session after dropping back against the USD in late trade yesterday, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The ECB cut its policy rate 25bps Thursday, as expected, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) slid briefly in response to yesterday’s tariff headlines, making a new cycle low against the USD near 1.46 before recovering slightly.
Markets remain quite subdued despite President Trump indicating late yesterday that 25% tariffs on Canada and Mexico will be announced this weekend, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
UK lending data was a bit firmer than expected in December; data showed stronger demand for mortgages and lending secured on housing, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) is little changed. The BoC policy decision yesterday suggested a cautious outlook for monetary policy amid heightened uncertainty around tariffs.
The US Dollar (USD) is trading mixed to a little higher overall. Trading remains relatively quiet and movement in the major currencies remains largely confined to recent ranges, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The ECB is expected to cut its policy rate 25bps today, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Pound Sterling (GBP) is edging marginally lower, in line with its European peers, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Euro (EUR) is moderately lower again as the USD firms broadly, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Broader US Dollar (USD) strength explains the modest drop in the Canadian Dollar (CAD) on the session so far. The BoC policy decision today is expected to result in a 25bps rate cut which is already largely factored in.
The US Dollar (USD) is advancing again ahead of the Fed policy decision this afternoon, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Pound Sterling (GBP) is trading lower against the USD, broadly in line with its peers, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR/USD slumped right out of the gate in response to renewed tariff risks, leaving spot trading in a tight range in the low 1.04 area through much of Asian and European trade, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
It’s swings and roundabouts for the Canadian Dollar (CAD) at present as markets weigh the risk of tariffs and react to each and every headline that drops on the matter, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
After yesterday’s stock market swings, it’s back to tariffs for FX today. The US Dollar (USD) has strengthened broadly overnight as President Trump renewed his threat of hefty tariffs and specifically mentioned auto tariffs for Canada and Mexico. The F…
The Pound Sterling (GBP) is trading marginally firmer on the session and has improved a little relative to Friday’s intraday peak, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR/USD is holding close to last week’s high, supported by some further narrowing in EZ/US spreads as US yields retreat.
The Canadian Dollar (CAD) is recovering a little ground after weakening in early Asian trade on the broad risk-off tone to markets, Scotiabank’s Chief FX Strategist Shaun Osborne note, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The US Dollar (USD) is mixed to weaker in what is a rough start to the week for markets.
The Pound Sterling (GBP) is tracking its major currency peers higher against the USD on the session—but is lagging the EUR somewhat, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Euro (EUR) has managed to push a little more decisively through the low 1.04 area overnight, with the help of easing, for now, tariff concerns and firmer than forecast PMI data, reflecting solid, German Services data, Scotiabank’s Chief FX Strategi…
The Canadian Dollar (CAD) is picking up a little support amid the broader decline in the USD into the end of the week but gains remain suitably measured, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
President Trump’s comments to the Davos WEF yesterday contained much of the same as his recent pronouncements—tax cuts, lower oil prices and a demand that interest rates drop ‘immediately’.
The CBI’s January survey of manufacturing was generally morose, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Euro (EUR) is steady around the 1.04 zone, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) is little changed on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The US Dollar (USD) continues to consolidate.
The Pound Sterling (GBP) has softened in line with the EUR through the overnight session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Euro (EUR) has slipped back to the mid-1.03 area after failing to hold gains through the low 1.04s yesterday, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Markets generally and high beta FX in particular breathed a sigh of relief yesterday when the WSJ reported that President Trump would not impose aggressive tariffs immediately on returning to the White House.
It’s inauguration day and Martin Luther King’s Day — a federal holiday which means US markets are closed. The incoming president is reportedly set to sign 100 executive orders right out the gate and some of those are likely to address border security a…
The Pound Sterling (GBP) is up modestly on the day versus a generally softer USD, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Euro (EUR) has firmed a little in quiet trade, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) has failed to pick up any support amid a broadly softer USD this morning. It, along with the MXN and JPY, is a relative underperformer on the session after reaching a minor, new 5-year low overnight—just under 1.45.
The Euro (EUR) is little changed against the US Dollar (USD) on Friday, holding around the mid-point of Wednesday’s wide range, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
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