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The US dollar briefly edged higher at the beginning of the week but closed with modest losses against most rival currencies as equity markets changed direction. European indexes closed mixed, but Wall Street managed to post gains. Safe-haven currencies posted modest gains against the US dollar as well.
Economic Data
This week, the EU, Canada and the UK will publish key inflation data.
Other Developments
The European Commission reviewed its economic growth projections to the downside amid the war in Ukraine, while they now see inflation rising at a faster pace this year and holding above the European Central Bank target through 2023.
AUD/USD trades around 0.6960, helped by gold, as the latter trades above $1,820 a troy ounce. The USD/CAD pair plunged to 1.2646 as crude oil prices soared, with WTI now trading at $111.30 a barrel.
GBP/USD is changing hands at around 1.2310. Brexit-related headlines are once again in the spotlight after UK PM Boris Johnson’s spokesman noted they want to make significant changes to the Northern Ireland protocol, although clarifying they believe that it is possible within the protocol framework.
Additionally, Bank of England Governor Andrew Bailey testified before the House of Commons Treasury Committee. He said he is not at all happy about the inflation outlook and that it is a bad situation to be in, but added that over 80% of the UK’s inflation overshoot is due to energy and tradeable goods. BoE’s member Saunders noted that Brexit might worsen UK inflation.
The EUR/USD pair ended the day at around 1.0430, with the bullish potential limited amid persistent tensions with Russia. Ministers from the Union cannot agree on a Russian oil embargo, with Hungary, the Czech Republic and Slovakia being the major opponents.
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