A gauge of the dollar against 10 major peers is continuing to see a broad upward trend as investors buy into traditional haven assets. Growth worries are dragging risk assets lower, with global stocks and oil both falling. Following oil prices, the Canadian dollar has also taken a leg lower. Investors buying into the bond market continue to push yields down to new record lows on expectations of an even weaker global economy post-Brexit. Gold has benefited from the current risk-averse sentiment, reaching a two-year high.

Yesterday’s speech by Bank of England Governor Mark Carney warned of a “material slowing” for the UK economy and seems to have reignited worries about Brexit’s implications for economic growth. A series of real estate funds freezes in the UK early this morning is providing evidence for Carney’s projections. Yesterday, sterling hit the lowest level against the dollar since 1985. In the Eurozone, the release of data for German factory orders early this morning showed an unexpected drop as global uncertainty seemed to diminish a demand for goods. The euro is continuing a slight downward trend as growth remains soft in the region.

Data this morning showed that the US trade deficit widened more than expected. Later today, investors will be reviewing minutes from the Federal Reserve’s meeting last month. The meeting took place before the Brexit vote, so the tone of the minutes may not reflect the Fed’s current thinking on the impact the referendum might have on the global economy. If the Fed cites concerns over global risk factors or expresses pessimistic economic projections, we could see the dollar move lower.

EURUSD: Euro trading broadly neutral against the dollar as growth remains soft in the region.

GBPUSD: Sterling weakness continues as the freezing of real estate funds confirms Carney’s projections of slowing economy.

AUDUSD: Aussie dollar seeing slight gains this morning as momentum from RBA decision to maintain rates carries over.

USDCAD: Canadian dollar weakens as crude oil prices plunge alongside stocks amid renewed risk aversion.