Currency Market Review June 24th, 2020

Coronavirus news dominated the headlines as global cases continue to rise along with a somber report on global markets from the IMF as a result of the Covid-19 pandemic. The Canadian dollar came under renewed selling pressure with falling oil prices, coronavirus, an the announcement that Fitch downgraded Canada’s credit rating. The rating agency downgraded Canada Sovereign debt for the first time since 2004 to AA+ from AAA citing deterioration of the country’s public finances in 2020 due to their response from the covid-19 pandemic. “Risk Off” sentiment was felt across the markets with falling Oil and Equity prices with the US$ index rallied against a basket of major currencies.

End of Day Market Results

USD/CAD up 0.6% – GBP/USD  down 0.8% – EUR/USD down 0.5%

US$ Index up 0.6% – DJI down 2.72% – TSX down 1.74% – Oil  down 5.5%

Thursday’s key economic activity:

  • ECB Monetary Policy Meeting Accounts
  • USD initial Jobless claims 4-week average (Jun 19)
  • USD GDP Annualized (Q1)
  • USD Nondefense Capital Goods Orders exAircraft (May)

Jonathan Roos,

Currency Analyst, Payments International Inc,

(Summer intern)