Daily Currency Update

USD - US Dollar

The USD is struggling against major this morning as investors await economic indicators including January's Durable Goods Orders and February's Consumer. Upcoming data on December's Housing Price Index and manufacturing indexes from the Richmond and Dallas Feds are also in focus. Despite a slight recovery in the 10-year bond yield, market sentiment is wary, with US stock index futures showing slight declines.

CAD - Canadian Dollar

The CAD is fluctuating within a stable trading range, with slight risk appetite but weakened by lower oil and soft commodity prices. The large US/Canada yield gap is affecting the CAD, yet the situation could be more challenging. The current fair value estimate for the CAD is high at 1.3635, indicating that fundamental factors may restrict further gains for the currency for the time being. Observe USD/CAD trends.

EUR - Euro

The EUR remains steady in quiet trading, with short-term range trading expected unless major developments occur. A generally weaker USD may support the EUR during minor dips. No significant Eurozone data were released today, but Germany's Gfk Consumer Confidence for March showed a slight uptick in sentiment to -29.0 from -29.6 in February.

GBP - British Pound

Sterling remains nearly unchanged, with Cable trading comfortably just below 1.27. The February BRC Shop Price Index indicates retail price growth slowing to 2.5% annually, down from January's 2.9%, marking the slowest store price growth in almost two years. Factors such as easing supply chain pressures, reduced costs, and promotional efforts are contributing to the moderation of price increases.