The U.S. Dollar is trading in mostly weaker ranges to start the week, particularly down against the Japanese Yen.
Overview
It will be interesting to see what develops during a data-dry first few days following a week that witnessed the weakest weekly performance for the Buck since November 2022. JOLTS Job Openings for January are due tomorrow while the much-awaited Consumer Price Index from February is out on Wednesday. On Thursday, we get the suppliers’ side of inflation in the form of Producer Price Index and close out with Consumer Sentiment Friday.
Regardless of figures, all eyes will be watching for a meeting between U.S. and Ukraine leadership in the Middle East to try and talk chances for a peace deal to end the war with Russia. Furthermore, global uncertainty over U.S-tariff plans could continue weighing on the U.S. Dollar so markets will remain sensitive to any trade announcement. Additionally, U.S. Congress is working to pass a budget that can also meet the White House’s demands. This week will likely feature mentions of recessionary pressures as well as higher chances for Fed loose monetary policy to be exercised.
What to Watch This Week…
- U.S. JOLTS on Tuesday
- CPI on Wednesday
- Bank of Canada on Wednesday
- Monex USA Online is always open
Complete Economic Calendar can be found here.
EUR ⇑
The Euro is holding on to gains achieved during its strongest week of advancement since 2009. Equities however are suffering a bit as the world adjusts to the potential for a slowdown in the American economy as a result of confusion over long-term guidance. The Stoxx 600 Index fell 0.7%. It had been on a streak that was also boosted by news of German fiscal expansion. A week without much in terms of economic indicators will give us Industrial Production for January on Thursday.
CAD ⇓
The Canadian Dollar is the only losing pair against the Buck following a weekend that had elections. Mark Carney won the Liberal Party leadership and is set to become the new Canadian Prime Minister in the upcoming weeks. Carney comes with an impressive resume having assumed the roles of governor of both Bank of Canada and Bank of England. A respected and well experienced figure, he will be thrown into a tariff dispute and an economy that has been the weakest among the top 50 producing nations. Bank of Canada will meet announce its policy on Wednesday.
