CAD gains following upbeat inflation report
US stocks pare weekly loss
SEK dips after Riksbank’s minutes release
Gold trades lower on the back of the USD strengthening
Bitcoin is back above $10k mark
Brent breaks above $66
As CAD was showing some weakness recently investors were awaiting Canadian inflation report on the edge of their seats. The release has shown the expected slowdown in the price change dynamics however the downside was much smaller than expected causing CAD to surge in the knee-jerk move being the strongest currency among its G10 peers.
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The account of the last Riksbank meeting turned out to be adverse for the Swedish currency as some members expressed their concerns over the development of inflation which could be viewed a SEK negative in the light of the latest disappointing inflation report for January. Consequently, the SEK is trading widely lower being the worst currency among its major peers.
When it comes to the US dollar we have seen slight weakness recently as the investors stay cautious ahead of the Fed speakers and semiannual report scheduled for release today. This report is exceptionally important as it will provide the basis for the new Fed chairman Jerome Powell testimony to the US Congress next week.