Forex Flash: Movement today driven by fundamentals - Scotiabank

Camilla Sutton and Eric Theoret, FX strategists at Scotiabank note that market movement today is being driven by fundamentals as AUD outperforms on an impressive employment gain while NOK declines following the Norges Bank´s decision to hold rate while pushing out their rate hike bias.

They note that the SNB left both rates and the EUR/CHF floor unchanged while reducing the forecast for inflation. Elsewhere, they see that GBP is slightly stronger, retracing recent weakness, CAD is flat ahead of a relatively important data release in light of the BoC’s focus, while EUR and JPY are weaker.