Easter is over and the markets in Europe and the Americas are finally getting back into their regular swing.
The business week is opening on high notes for the American and the Canadian dollars. The USD is supported by hopes that despite a few hiccups in recent fundamental reports, the economy of the United States still remains strong and healthy. Moreover, the increase in the yield of 10-year Treasury bonds also offered a further basis for the strengthening of the dollar. The dollar index currently stands at 97.33, which is a very good level. The Canadian dollar, on the other hand, recently began strengthening on account of rising crude oil prices. The CAD is a commodity-bound currency; the sanctions against Iran, as well as the political problems in Libya and Venezuela have curbed supply more than previously expected, sending oil to its highest levels for 2019, which then allowed the Canadian dollar to grow.
Still, the American dollar has had its fair share of downs recently, so despite the current optimism, we need to keep an eye on the GDP data which will be published in the United States on Friday.
Meanwhile, the Japanese yen appreciated a little bit against the dollar to 111.80 on account of the growing risk appetite on the markets. The Australian dollar, which was also stronger recently due to good reports from China, also relaxed and retreated a little to $0.7128 as the markets anticipate inflation data from Australia tomorrow.
