Currency Market Review – Tuesday June 30th, 2020

The Canadian dollar was one of the more actively traded currencies today, boosted by optimistic May GDP projections, the prospect of further OPEC output cuts and a weakening US$. Canadian April GDP plunged almost 12%, but a flash estimate for a 3% rebound in May gave investors the confidence they were looking for. The Loonie also found additional support from a slightly weaker US$ and a Reuters survey found that Oil output cuts by OPEC+ were the deepest in two decades. 

 End of Day Market Result

US$ Index down 0.14% – CAD down 0.61% – EUR/USD down 0.08% – GBP/USD up 0.79% 

DJI up 0.85% – TSX up 0.82% – Brent Crude down 1.37%

Wednesday’s key economic news:

  • CANADA  
    • Canada day 
  • EUR
    • Germany unemployment rate
  • US
    • ADP unemployment change 
    • ISM manufacturing PMI
    • FOMC minutes

Jonathan Roos

Currency Analyst, Payments International Inc, 

(Summer intern)