The US dollar gained grounds yesterday against all other major currencies counter parts on the back of better than expected US CPI data. While the US rolls out better than horrible data lately combined with more speculations the ECB could be increasing easing measures the EUR goes under pressures. Short terms mixed signals from the US data with a dovish tone from the Feds are likely to keep the market on its toes but the consensus is that the Fed will increase rates Q2 of 2015. The Canadian Loonie trading softer once again against the Greenback, after release of disappointing Canadian retail sales figures for August yesterday but did strength yesterday after more a hawkish tone from Bank of Canada, as they stated the economy did have improvement and is more robust than the previous impression, the Bank of Canada leaving the monetary policy key interest rates unchanged at 1.0%, as what market forecasted. Today the main release from US with Initial [...]
This morning major releases are Septembers US CPI inflation figures which have been uninspiring these past months with the monthly core CPI being quite low. Today’s core CPI was expected to come in at 0.0%, and posted slightly higher than forecasted at 0.1% while previously recorded soft at -0.2%. The recent declines of oil prices help lift some pressure on inflation, which leaves options open for Feds hike increase. Canada with the Canadian Retail Sales for August also expecting a flat reading of 0% and posted short of market forecast in the red at -0.3%. Later this morning, we have the Bank of Canada interest rate decision, where the BoC is forecasted no change and remain at 1%, than the market will be waiting for statement from the bank, for any clue and hints to tone of foreword guidance. The EUR on lower footing versus the USD, extending losses from over night session on the back of reports the ECB is preparing to increase asset purchase [...]
A very light data front this morning, the US with Existing Home Sales for September which was forecasted an increase from 5.05M to 5.1M (-1.8% to1.0%), Yesterday’s session left the USD trading on lower footing, against other key currencies. Dallas Fed President, Richard Fisher commented during his interview that a delay to end bond buying programme was unnecessarily, he believes the world’s greatest economy is well on a strong recovery path and should remain intact. Concluding from other Fed members previous speeches, we should see the FOMC remains on course to end the tapering next week after the slew of positive data releases from the US. Latest from China’s having the economy growing at its slowest pace since the financial crisis, primed the government officials to launch additional stimulus. The GDP declined from 7.5 to 7.3% during latest quarter reporting its sluggish performance since 2009. Many analyst are predicting [...]
A lighter calendar beginning this week, Canada with the Wholesale Sales MoM in better than expected at 0.2% vs. -0.3% forecasted while from our neighbour we have Governor Powell from the Federal Reserve speaking at 10 am on Community Banking and Online Forum, mid-week we will have the Bank of Canada Monetary Policy Report, followed by the BOC Rate Statement. And the US CPI, it will be intriguing how the market will react to the recent decline of oil prices and the newly release of Apple iPhone 6 for this upcoming release, result could prove the US economy is losing momentum as consumers still remain caution of over spending. The stock market has regained some grounds after a distressing week, economic release have been provoked by negative sentiments from Ebola crisis, political uprising, and loaded conflicts uncertainty are plaguing investor as they will calculate moves with prudence. The EURUSD trading softer during the weekend [...]
Set to speak this morning Fed Chair women Yellen along with the Canadian CPI for September YoY, expected at 0.2% and coming in line with market expectations. The US this morning with September Building Permits expecting MoM coming in under forecast at -1.5% vs. 2.7% counted by Housing starts September MoM up in the green at 6.3% vs. 5.4% and finally the last notable release US Michigan Confidence with market forecasting a slight decrease from prior 84.6 to 84.6, anymore depressing out come with suppress the USD further and could hamper the dreams of early rate hikes. A shorter and wild week of trading for the USDCAD pair as its breaches the over the 1.1300 line all the way to 1.1380 stemming from a low start at 1.1180s and now settling into new levels mid-range of 1.1200. The EUR softer during the overnight session against the Greenback, as an ECB Member, Ewald Nowotny stated his opinion that the European regions GDP forecast [...]
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