US Dollar Slides against Euro, Sterling in FX Market
In the forex market, the US dollar fell against its major trading partners early Tuesday ahead of another quiet economic calendar, with the Redbook same-store sales and an appearance by San Francisco Fed President Mary Daly.
Earlier Tuesday, the National Federation of Independent Business said its monthly sentiment reading declined for the third straight month in March, reflecting downturns in seven of its 10 components, led by the economic outlook. The NFIB cited increased uncertainty among small business owners.
A quick summary of foreign exchange activity heading into Tuesday showed that USDEUR rose to 1.0926 from 1.0918 at the Monday US close. There is no Eurozone data on Tuesday’s schedule. The next European Central Bank meeting is scheduled for April 16-17.
GBPUSD rose to 1.2759 from 1.2718 at the Monday US close but was below a level of 1.2828 at the same time Monday morning. There is no UK data on Tuesday’s schedule. The next Bank of England meeting is scheduled for May 8.
USDJPY fell to 146.8483 from 147.9590 at the Monday US close but was above a level of 146.2347 at the same time Monday morning. The Japanese current account surplus widened in February while Japanese business sentiment remained pessimistic, according to data released overnight.
The next Bank of Japan meeting is scheduled for April 30-May 1. USDCAD fell to 1.4200 from 1.4247 at the Monday US close and 1.4257 at the same time Monday morning. The Canadian Ivey Purchasing Managers Index survey for March, a measure of economic activity, is due to be released. The next Bank of Canada meeting is scheduled for April 16.
The Canadian dollar strengthened toward $1.41, nearing its recent four-month high on April 3rd, as investors assess Canada’s relative insulation from harsh new U.S. tariffs. Signals that Canada will largely remain exempt from expanded duties under the USMCA have helped alleviate trade concerns, while ongoing international tariff negotiations continue to lend support.
Although President Trump dismissed pausing tariffs and signaled a willingness to negotiate—supported by nearly 70 countries reaching out—he threatened an extra 50% tariff on China if it doesn’t remove its levies, a move China denounced as “blackmail” while vowing to “fight to the end.” #US Dollar Slides against Euro, Sterling in FX Market First Holdco Falls below N1 Trillion in Equities Market
