North American Summary and Highlights 20 Apr
Overview - The USD corrected from its Asian bounce as traders awaited fresh news in the Middle East.
European and North American sessions
The USD saw a correction from its Asian bounce as traders awaited further news from the Middle East where tensions had increased over the weekend, with Senate hearings for Fed Chair nominee Warsh also awaited on Tuesday. USD/JPY was little changed near 159.80 but off its lows, but EUR/USD moved up to 1.1790 from 1.1750. Despite pressure on UK PM Starmer EUR/GBP was little changed near .8705, but EUR/CHF was weaker at .9170 from .92.
There was no significant US data but March Canadian CPI at 2.5% yr/yr from 1.8% was softer than expected. Despite this USD/CAD fell to 1.3650 from 1.37. Later the Bank of Canada’s Q1 Business Outlook survey was more positive, if probably not fully catching the impact of the war. AUD/CAD was little changed near .9790, with AUD/USD rising to .7180 from .7150.