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Finance & Markets

Canadian Dollar steadies as weak US Dollar offsets lower oil prices

USD/CAD remains steady after registering minor gains in the previous day, trading around 1.3940 during the Asian hours on Thursday. The currency pair moves within a narrow range as a weaker US Dollar (USD) balances out the impact of falling oil prices on the commodity-linked Canadian Dollar (CAD).

fxstreet.com ·

Canadian Dollar steadies as weak US Dollar offsets lower oil prices

The Canadian Dollar steadied Thursday despite crude oil prices sliding as a weaker US Dollar helped offset the impact. The USD/CAD pair hovered around 1.3940 during Asian trading hours, marking minor gains from the previous day. The Greenback's decline was fueled by the release of the July Consumer Price Index (CPI) report, which revealed moderate inflation and lessened expectations of a rapid Federal Reserve interest rate hike in September.

Meanwhile, the Canadian Dollar faces downward pressure due to lower oil prices resulting from revised global demand forecasts and the strained relations between the US and Iran following the war in the region.

Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

Also reported by 1 other outlet

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The volatility of the Korean won has been increasing, reaching levels comparable to those of emerging markets, as the exchange rate has experienced significant fluctuations, rising sharply before falling. The 22nd, according to the Bank of Korea, the won-dollar exchange rate's daily fluctuation rate, which was at around 0.6% in April, has more than doubled to 1.3% as of the 19th. This rate surpasses that of major countries; for instance, it is 0.8% in Japan, 0.7% in the United States, 0.5% in Germany, and 0.6% in the United Kingdom. The Bank of Korea attributes this to the won's tendency to follow the movements of emerging market currencies. A Bank of Korea official stated, "The recent sharp decline in the value of the won against the dollar, following its significant rise, indicates that the won is moving similarly to emerging market currencies." The won-dollar exchange rate dropped to 1,390.2 won on the 19th, a 9.3 won decrease from the previous day, and it continued to fluctuate on the 20th as well. The exchange rate, which had started at 1,382.5 won on the 19th, rose to 1,396.1 won at one point during the day, showing a fluctuation of up to 13.6 won. The intraday fluctuation rate, which had been 0.8% on the 18th, reached 1% on the 19th. The won-dollar exchange rate has seen a significant increase of 14.4 won over the past month, the largest among the G20 countries. In the past month, the won has ranked first in terms of decline among the G20 countries. The Bank of Korea plans to closely monitor the foreign exchange market and intervene if necessary to prevent excessive volatility. An official from the Ministry of Economy and Finance stated, "We will continue to take firm action against excessive speculation and market volatility."

·hani.co.kr

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