Monday, October 31, 2016

Currency Market Trend Analysis: October 31, 2016

Currency Market Trend Analysis: October 31, 2016
Source: CXI International Payments Team


By The Numbers: Your FX Week In Review

Foreign currency value versus USD is decreasing
Foreign currency value versus USD is increasing

*Indicators show the percent change over the past week.

Currency Calendar

Date Holiday Country
November 8, 2016 Election Day USA
November 11, 2016 Veterans Day USA
November 11, 2016 Remembrance Day Canada
November 24, 2016 Thanksgiving Day USA

Upcoming bank holidays and impactful report releases for select countries.

Market Analysis

CAD - Canadian Dollar

The U.S. dollar is on an upward trend as Janet Yellen pointed out during the Fed meeting on Friday “Indeed, in light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.”

Still the future outlook depends on more results from U.S. data on inflation and consumer spending that are due this week. If these reports support a strong U.S. dollar and economy, the chances of a Fed rate hike are more likely to increase over the next couple of months. 


GBP - British Pound

Today marks a public holiday in the United Kingdom - Summer Bank Holiday. The rate of the British pound also took the day off as it hit a one week low 1.30 against the U.S. dollar.  

The pound will look towards new reports regarding consumer credit due on Tuesday and manufacturing due on Thursday. These reports will provide insight for the next possible move, which could breathe some positive life into the pound.


EUR - Euro

The euro traded at a low of 1.11 against the U.S. dollar as talks of a higher U.S. interest rates were in the realm of a higher possibility. Either way the Eurozone is forecasted towards a more bearish outlook, leaving many uncertain about the economic growth.  

These factors have left the euro in a mixed path that will become clearer once the European Central Bank (ECB) meeting takes place next month on Thursday, September 8. 


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About the Author

Ryan Graham

Ryan Graham - AVP of Marketing

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Ryan educates corporate clients on foreign currency markets lending industry best practices that enhance client knowledge and create specialized solutions that fit each business. Interested in having a custom international payments strategy or foreign exchange risk plan?

About Currency Exchange International
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations and travelers. Products and services for international travelers include access to buy and sell more than 90 foreign currencies, multi-currency cash passport’s, traveler’s cheques and gold bullion coins and bars. For financial institutions and corporations, our services include the exchange of foreign currencies, international wire transfers, global EFT, the purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software www.ceifx.com

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Posted By Ryan Graham at 12:47 PM
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