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24 Apr 2025

USD slips as stocks dip – Scotiabank

The US Dollar (USD) is tracking lower again after two days of gains lifted the DXY some 2% off the three year low reached earlier in the week. The CHF and JPY are sitting near the top of the overnight performance table, just behind the SEK and NOK. The CAD and MXN are firmer but lagging their peers. European stocks are softer and US equity futures are lower after US stocks slipped back from the intraday highs seen yesterday. Treasurys are a little firmer, in line with other major bond markets, Scotiabank's Chief FX Strategist Shaun Osborne notes.

China tells US to lift tariff before talks

"USD sentiment remains weak amid uncertainty over tariffs and their impact on the US economy. Grounds for optimism on trade should remain in check, I think which will serve to keep the USD on the defensive. While the US has tried to put a positive spin on prospects for trade deals this week, it seems clear that there is nothing imminent. President Trump suggested yesterday that tariffs on China could come down in “2-3 weeks” but China responded by calling on the US to remove all reciprocal tariffs and said no talks had yet taken place. China can—and will—be patient."

"Messaging from the US administration also remains somewhat confusing. The president also said late yesterday that he was not considering any changes in auto tariffs shortly before Bloomberg reported that 'US officials' were considering changes in auto tariffs. March Durable Goods are expected to rise a solid 2.0% but the ex-transport data is forecast to rise a moderate 0.3% in the month. Orders and shipments data have been trending positively since late last year but tariff risks may pin core capital goods orders back to a meagre 0.1% rise."

"DXY gains earlier this week have done just about enough to ease short-term overbought signals but were not enough to bolster prospects of a sustained rebound. The USD’s broader undertone remains soft and prone to more losses. Intraday support is 98.85 ahead of a retest of the 98 area."

Apr 24, 2025

CAD lags peers as markets ponder US trade policy – Scotiabank

The Canadian Dollar (CAD) is trading modestly higher against the US Dollar (USD) in relatively quiet trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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Apr 24, 2025

United States Existing Home Sales Change (MoM) came in at -5.9%, below expectations (-3%) in March

United States Existing Home Sales Change (MoM) came in at -5.9%, below expectations (-3%) in March
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