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 [...]
This morning the Greenback was trading higher against most of the other major currencies, prior release of the US retail sales data and Fed’s Beige Book meanwhile the Loonie declining to the lowest levels seen since July 2009. While crude oil continued the decline during the overnight session trading at $81.15 a barrel, another decrease of 1% after yesterday’s meltdown of about 4%. The USDCAD pair finally made a run above this year high of 1.1280 and maintained that hawkish rise to 1.13800 prior release of the US Retail sales release for September, which was expecting a reading at -0.1% MoM however posted in the red at -0.3%, US PPI was expected to come in unchanged at 0.1% also posting short at -0.1 all other secondary release in the negative territory, the USD unable to sustain any further up swing declines on softer data back to into currently trading range and Canada only notable new was the Canadian Existing Home Sales for September [...]
This morning light on the economic calendar for US and Canada, the Greenback was trading higher during the overnight session, but has since peeled back some gains against other key currencies, after reports indicted the Chicago Fed President, Charles Evans believe the first rounds of interest rate hike move by the Federal Reserve should begin in early 2016, as inflation and lag in the labor market still remains for the economy. The Loonie also remains soft after stellar jobs report from last Friday exceeded market forecast by 74.1K vs. 20K, the market caught off guard and rejected the excellent CAD jobs perhaps previous reordering at -11K, will keep the market bit cautious. The EUR weaker as recession concerns grow. The German ZEW economic sentiment index declined to -3.6 for October from September high of 6.9, and Euro region Industrial production also dropped by -1.8% for August from market expectations at - 1.6%. The GBP also amount the [...]
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