US$ firmed as investors had a positive response to Mexico averting tariffs today. In addition the prospect of a friendly meeting between the US & China leaders at the upcoming G20 added to the positivity. Safe-haven Yen sellers emerged from risk-off trading. Euro stalled on comments from the ECB that it was open to cutting rates if economic growth weakens.
US$ fell to a 3 month low vs C$. Stronger jobs data on Friday, steady oil prices and the prospects of USMCA have are all helping C$. The potential to see C$ break out its current range and test the lows of Feb is growing, bias in the short term is to take advantage and buy US$ dips.
Euro continues to struggle to break out of its current range. ECB comments of possible rate cuts, ongoing political concerns within Europe, Brexit and trade tensions are all contributing factors. Look for Euro to remain within its current range, bias to buy Euro on dips as trade tensions could ease into the end of the month.
GBP still vulnerable to swings until a successor to PM May is named.