HIVE Digital Technologies Ltd (HIVE) (Q1 2027) Earnings Call Highlights: Revenue Surges 73% as ...
USD
Markets focused yesterday on the latest U.S. inflation measure—CPI. With some expecting tariff measures to result in a spike in inflation, the slightly weaker-than-forecast result (2.8% actual vs. 2.9% estimate) raises further questions ahead of the next Federal Reserve decision next Wednesday. Adding to the downward pressure was news that Donald Trump plans to implement additional unilateral tariffs in the next fortnight. Markets are struggling to assess the viability and impact of policy decisions, given the erratic nature of decision-making from the White House. An update on the employment market will come this afternoon with the release of Initial Jobless Claims.
GBP
Rachel Reeves’ Spending Review statements yesterday provided little clarity on how fiscal constraints will be navigated. Since most of the content had already been released in the days leading up to the event, markets were left to focus on the lack of detail supporting a growth narrative. In our view, this is likely to act as a headwind for GBP pricing in the coming weeks, though it does not present an acute risk. Negative sentiment was compounded by this morning’s GDP release, the weakest print since April 2023. The economy contracted by 0.3%, a sharper decline than the -0.1% expected. There are no further data releases scheduled for today.
EUR
The Euro’s rally against the USD has continued at pace, now reaching levels not seen since September 2021. Following the ECB’s rate cut and forward guidance last week, markets appear comfortable placing faith in the Eurozone’s outlook. However, this move has been largely fueled by USD weakness. Should the threat of tariffs against the EU materialise, this rally could reverse. Several ECB speakers are on the calendar today and may provide further insight.
CAD
As has been the case over the past few trading sessions, with little domestic data, USDCAD movement remains primarily driven by USD dynamics. The 2.5% decline in USDCAD over the past month closely mirrors the 2.86% drop in the DXY (a measure of USD strength against a basket of currencies). There are no Canadian data releases scheduled for today.
This content was originally published by our partners at Monex Canada.
