US FX Handover: Loonie Strong Despite 4% Dump in Oil Prices

See a summary of the top FX themes and trends from today's US session!

  • Q1 US GDP growth was revised to +3.1% annualized (vs. 3.0% expected, 3.2% estimated last month). Core PCE rose 1.0%, below the initial estimate of 1.3% ahead of tomorrow’s inflation report for April.
  • US Pending Home Sales (Apr) fell -1.5% vs. +0.5% expected, despite generally lower interest rates.
  • Gold initially fell before recovering to edge higher on the day. The 50-day MA near 1285 represents a key resistance level moving forward. WTI Crude oil fell nearly 4% on the day.
  • The Canadian dollar shrugged off the weakness in oil to become the strongest major currency on the day. The pound was the weakest major today.

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