Canadian dollar dropped earlier in trading as the news about US retail data caused a general pull back for riskier currencies. Since the United States is a major trading partner, the news about retail sales was a bit of a blow for the loonie. However, some of the losses have been pared as oil prices top $101 a barrel and as the ZEW shows hope for the eurozone economy.

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A bit of uncertainty has appeared in the financial markets, and that is helping the US dollar gain today against other currencies. Even though the spread between the three-month dollar Libor and overnight index swaps narrowed, there are still indications of stress in the markets. Uncertainty about the eurozone remains, and concerns about US retail sales are weighing on high beta currencies.

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The Great Britain pound fell against the US dollar, though held versus the Japanese yen, after inflation slowed last month and Moody’s said that the nation’s credit rating is in danger of downgrade.(...)
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The euro rebounded today after Italy sold maximum amount of its bonds on today's auction, easing worries about the credit crisis in the European Union that reemerged after Moody’s cut credit ratings of several European countries.(...)
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The Japanese yen gained today after Moody’s Investor Service downgraded credit ratings of several countries, including Italy, Spain and Portugal. This action hurt market sentiment that was positive after the good news from Greece.(...)
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