Still within current trading range the Greenback for most part unchanged this morning, during the overnight session we saw the Sterling Pound gain strength against the US dollar on back of reports the UK growth figures posted a better than expected, the flat reading which was more positive than a decline but not be enough to shift the Bank of England stance to increase interest rates. Over to the ECB where official commented that the Central Bank could consider a quantum easing program if this historically low interest rates does not spark any growth for the economy. The Loonie also had another range bound trading session last night, yet again embarking on another week caught between 1.1250 to 1.1350 and no sign of a clear break either side. However this Thursday OPEC meeting of the oil production situation could hamper any hopes of the Loonie recovering in the short term, any whisper of a barrel declining below $70 we could see the USDCAD take [...]
The US dollar somewhat unchanged as currency markets gear up for the crucial US GDP and Consumer Confidence data report this morning. The commodity currencies all trading softer during the overnight session aftermath of falling oil and commodity prices ahead of the OPEC meeting on Thursday, the JPY finally managing to recover from ultra lows last night as currency traders cash in some profit on short positions prior release of the GDP report. This morning looks to be a busy morning on the data releases for both side of the border from the US and Canada. At 8.30 am the US Q3 GDP forecasted at 3.3% and coming in at 3.9% consumers are spending, USD Personal Consumptions Q3 at 2.2% better than expected vs. 1.9 forecasted, the September reading of Canadian Retail Sales, expected at 0.5% MoM also in the green at 0.8%. Late morning we have the US Consumer Confidence Index for November, which is expecting a higher read to 96 from previous [...]
Lighter calendar this morning, with nothing major from the US, while the Canadians have CPI figures, the Loonie gaining momentum during the overnight session as the Peoples bank of China unexpectedly cut interest rate for the first time in more than two years and the spike in the oil prices helped set the Loonie on flight. As the Canadian CPI figures rolled out all green across the board with CPI Core YoY at 2.4% vs. 2.1% forecasted, immediately had CAD spiking against the USD, EUR, GBP and JPY. Notable the USDCAD pair declined to a low of 1.1191, breaking 1.1200 first time since late October. However be caution every time we had a break under 1.1300 it was short lived, with Canada being the only county from the G10 basket with inflation above target we could see the beginning of new signs the Loonie on further highs if the Bank of Canada is pressured to raise interest rates [...]
This morning mix for the USD as most of the market focus will be on US CPI numbers for October expecting to come in at -0.1 MoM however just release in the green at 0.2% along with CPI YoY October at 1.7% vs. 1.6% forecasted, Continuing Claims also up beat at 2330K vs. 2370K while previous recorded at 2403K, slightly countered by Initial Jobless Claims November 15 an uptick to 291K vs. 284K forecasted. Later we get the US Markit Manufacturing PMI for November expected at 56.3 while previous reported at 55.9. Than late morning the Existing Home Sales for October data all forecasted softer. The USD still firm above the 1.1300 line from yesterdays Fed minutes release with mixed sentiment somewhat positive reference of the consideration of removing the “considerable time” language, while clarifying the banks next move. But there were still some concerns from members of inflation remaining below 2% target for an extended period, overall [...]
Not much action during the overnight session for the Canadian dollar against the US dollar, trading slightly stronger but has slowly peeled gains as of this morning and still remains in same ranges of yesterday’s closed. The pair settling into the close ranges of the 1.1300 level consolidating until to the next clear direction, consolidation at these levels leave US Dollar buyers hoping for a pullback towards the 1.1200, however the overall stronger US dollar trend is still intact, but there could be if the chance of 1.1200 in the coming days, if the uptrend loses momentum, don’t be shock if we are torpedo into 1.1400 range again. Up this morning was some secondary data from the US which included Producer Price Index, all in the green beating market forecast which is a good sign for next week’s inflation report. With no Canadian releases we should have minor volatilities and locked within current trading ranges. The JPY trading regaining some strength on the [...]
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