Marketwatch North America

Daily Insights
February 20, 2024

The dollar is decisively lower today, retreating 0.40% vs. its index basket of currencies and trading 103.86, below recent support at 104.00. Dollar losses are concentrated against Scandinavian currencies (-0.83% vs. SEK, -0.51% vs. NOK and -0.49% vs. DKK), and APAC (-0.95% vs. NZD and -0.61% vs. AUD). Other dollar declines include -0.47% vs. EUR, -0.44% vs. GBP and -0.33% vs. JPY.

Canadian CPI dipped in January, M/M 0% (0.4% est.) and Y/Y 2.9% (3.3% est.). Canadian bond prices surged following the data, translating into lower yields and sparking CAD weakness. USD/CAD is +0.25% after gapping from 1.3474 to 1.3510 following the inflation data.

U.S. Treasury yields moved lower in all tenors. The 10-year yield is -0.035% at 4.248%. Lower yields often coincide with higher equities, but not today. U.S. equity index declines are led by a 1.17% decline in the Nasdaq and 0.73% loss in the S&P500.

The economic calendar is quiet this week, key highlights tomorrow’s Mortgage Applications and FOMC Minutes (from the Jan 31st rate decision). Thursday’s data includes Weekly Jobless Claims and Existing Home Sales.

Economic Calendar

CAD - CPI m/m
AUD - Monetary Policy Meeting Minutes
CAD - Median CPI y/y
CAD - Trimmed CPI y/y
CNY - 1-y Loan Prime Rate
CNY - 5-y Loan Prime Rate
CAD - Common CPI y/y
CHF - Trade Balance
CAD - Core CPI m/m
USD - CB Leading Index m/m
EUR - Current Account
GBP - Monetary Policy Report Hearings
NZD - GDT Price Index
NZD - PPI Input q/q
NZD - PPI Output q/q
AUD - MI Leading Index m/m
JPY - Trade Balance

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 150.438 149.682
eur/usd 1.08388 1.07616
gbp/usd 1.26639 1.25791
aud/usd 0.65789 0.65212
usd/cad 1.35255 1.3472
eur/gbp 0.85781 0.85518
usd/mxn 17.0603 16.9939
Equities and Commodities
S&P 500 4975.6
NASDAQ 17486.8
DOW 38580.3
GOLD 2027.38
SILVER 23.07

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.