USD Making Small Gains to End the Week

Key Movers

The Euro and GBP are both down slightly against the USD this morning. For the Euro, this continues the pattern we have seen this week while the GBP is halting gains it has made over the last couple of sessions. ON the data front, Inflation in Germany came in at the expected 2.3% last month. As this is the biggest economy in the EU, it signals a possible rate by the ECB in the near future.

Oil is continuing the gains we have seen this week as appetite continues to be strong for commodities. The benchmark WTI price is up over $4 a barrel this week, now sitting comfortable in the $76 range again.

The Canadian dollar is relatively unchanged after making gains this week. The loonie down slightly as the July employment release this morning showed that the economy lost a net -1.2K jobs last month. This was lower than the expected addition of 25,000. In doing a deeper dive though, all of the losses were in part time positions as full time jobs were up 64,000. Also heling the CAD has been the movement of Oil prices and the correlation between the currency and Oil prices are moving back into sync.