Investors are watching the euro climb as consumers from Germany, Italy, and France are showing more confidence in their economies than analysts had expected. European Central Bank President Mario Draghi’s closed-door speech this morning had few surprises and may not have affected the euro much.
The pound is dipping with no new data out until tomorrow, when August’s consumer credit and mortgage approval activity comes out. Sterling could recover some from its recent slump if the Thursday’s data shows higher-than-expected borrowing activity, which could reflect growing consumer confidence out of the UK.
Stateside, the US dollar is trading mostly unchanged as durable goods orders saw no growth in August compared to last month (though analysts had expected a small decline). With several members from the Federal Reserve — including Fed Chair Janet Yellen — scheduled to speak into the early afternoon today, investors will be listening for upbeat comments on the economy, which could lead to higher odds for an interest rate hike at the Fed’s December meeting and therefore cause the greenback’s value to rise.
The Australian dollar is slightly down this morning with no new data set to come out until Thursday, when private sector credit borrowing data is released. The Canadian dollar is trending lower despite oil prices slowly rising toward $45 per barrel. Canada’s GDP results from July and raw material/industrial product price data is set to come out on Friday morning.
EURUSD: The euro is up as consumers from Germany, Italy, and France show more confidence than analysts expected.
GBPUSD: The pound is trading lower with no new data out until tomorrow.
AUDUSD: The Aussie dollar is down with no new data scheduled until Thursday.
USDCAD: The Canadian dollar is dipping even as oil prices rise toward $45 per barrel.