EU FX Handover: CAD Rallies on Oil Jump

  • CAD was among the strongest in G10 currencies as oil prices surged higher after reports that two oil tankers had been attacked in the Gulf of Oman.
  • CHF also outperformed as the SNB refused to loosen its policy or hint at additional easing as it delivered its latest policy statement, unlike other major central banks that have recently turned rather dovish again with some already cutting rates. SNB revised upwards its inflation forecasts for this and next year, as import prices rose.
  • Safe haven yen was among the weakest as European stocks staged a sharp rebound at the open, led by energy stocks with oil prices on the rise. AUD remained on the back foot following the publication of a disappointing Aussie jobs report overnight.
  • There are no significant North American data scheduled for publication today.

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