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Forex Daily News: CAD Falls to 8-week Low

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar rose versus most major counterparts in Forex Trading, partly in response to FOMC Meeting Minutes. There, members shared differences of opinion about reinvesting FED'S gains back into treasuries, as they assumed it will send a negative message to investors. The Chicago PMI came out 56.7, worse than the expected 57.5. The CB Consumer Confidence came out at 53.5, better than the expected 50. The Stock Markets closed mixed as the Dow Jones advanced by 0.05% and the NASDAQ declined by -0.28%. Crude Oil tumbled by more than -3% closing at $71.80 a barrel. Gold (XAU) finally breached and approached nearly $1250 an ounce. Today, the ADP Nonfarm Employment Change is expected at 13k vs. 42k previously. The ISM Manufacturing Index is expected at 53 vs. 55.5 previously.

EURO (EUR) – The Euro had a weak trading day slightly rising against the Dollar and fluctuating mostly near the support area. The German Unemployment Change came out at -17K, worse than the expected -19k. The Preliminary CPI came out unchanged at 1.6%, as expected. The Unemployment Rate came out 10%, as expected. Breaking the 1.2670 support level might push the pair lower. Overall, EUR/USD traded with a low of 1.2625 and with a high of 1.2742. Today, the Manufacturing PMI is expected unchanged at 55.

EUR/USD – Last: 1.2700







British Pound (GBP) – The Pound has lost ground versus the Dollar, falling as a result of general risk aversion, it broke the 1.54 zone ending the month at fresh lows. The Net Lending to individuals came out 0.3B, worse than the expected 0.7B. For farther decline in the pair, the 1.5330 support level has to break otherwise a rebound back to 1.54 area is possible. Overall, GBP/USD traded with a low of 1.5325 and with a high of 1.5472. Today, the Manufacturing PMI is expected at 57.1 vs. 57.3 previously.

GBP/USD - Last: 1.5378








Japanese Yen (JPY) – The Yen gained against the Dollar after the FOMC Meeting Minutes pushed Stock Markets to erase previous gains. The Yen also gained versus the other major currencies as investors search for safe haven. For further decline in the pair, the 83.80 support level has to break, otherwise a rebound back to the 85 area is possible. Overall, USD/JPY traded with a low of 83.80 and with a high of 84.65. No economic data is expected today.

USD/JPY-Last: 84.48







Canadian dollar (CAD) – The U.S dollar gained against the Canadian dollar as the Canadian GDP came out unchanged at 0.2%. Canada's Dollar fell to an 8 week low on reduced speculation that the Bank of Canada will increase the interest rates. Breaching the 1.0660 resistance level might bring the pair to fresh highs. Overall, USD/CAD traded with a low of 1.0573 and with a high of 1.0671. No economic data is expected today.

USD/CAD - Last: 1.0632







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