CAD strengthens slightly amid rising oil prices

Key Movers

The US Dollar Index (DXY) showed some strength this morning, initially rising from yesterday’s close of 105.331 before the DXY dipped to below yesterday’s close at 105.283. In data news, month-over-month Core Retail Sales data, which measures the change in the total value of sales at the retail level in the US, came in lower than expected at 0.1% versus the expected 0.2%. Similarly, month-over-month Core Retail Sales, excluding automobiles, came in lower than expected at -0.1% versus the expected 0.2%. The USD/CHF pair also showed a fresh three-month low near 0.8830 after weak US Retail Sales data. The USD gained strength this morning against EUR, GBP, CAD, and JPY while showing a slight weakness against AUD and MXN.

In Eurozone news, the EUR core Consumer Price Index (CPI) year-over-year, which measures the average change in the prices for consumer goods and services, came in as expected at 2.6% causing little change to the euro. The EUR was up slightly against the USD and CAD so far this morning.

The Reserve Bank of Australia (RBA) held interest rates at 4.35%. The AUD was up so far this morning against both the CAD and USD amid the RBA announcement.