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EURUSD – In mid-February the value of the Euro compared to the US Dollar has fallen for the third week in a row and is now at its lowest level since January. The US Dollar has become stronger compared to other currencies, as there are concerns that the Federal Reserve may continue to tighten monetary policy to prevent inflation. However, the recent inflation data has not shown as much improvement as expected, leading some to believe that the Federal Reserve may not make any drastic changes just yet. Nonetheless, some Fed officials have expressed the need to do more to address inflation pressures. This has led to risk aversion in the markets.
CADUSD – In February the loonie has improved above its 90-day average to above the 0.75 relative to the greenback (1 USD = 1.335 CAD), this is down from the 0.77-0.79 range it had traded within most of last year on inflation concerns.
AUDUSD – The Aussie dollar dropped back below 70 cents as a blow-out US jobs report for January suggests that US inflation might not yet be under control. From December and into early February the AUD/USD had surged back towards 0.72 well up from recent lows below 0.62 in October. However, the recent rise and fall of AUD/USD has been more about the US economy as the greenback drops back from multi-year highs.
USDJPY – The Japanese yen has bounced back from record lows as we approach the end of the year. USD/JPY hit 150 in mid October — a more than 32-year low for the yen — prompting the Bank of Japan to intervene to support the struggling yen. The yen has jumped more than 13 per cent since late October, when expectations that the US central bank will continue to aggressively raise borrowing costs sent the yen sinking to its lowest level since 1990.
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