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05-29-2019 08:15

Bank of Canada rate decision in focus for USDCAD traders, with risk aversion flows supporting
Bank of Canada rate decision in focus for USDCAD traders, with risk aversion flows supporting

• Bank of Canada decision at 10amET. No press conference. No change expected with balanced outlook.
• S&P futures -20. US 10s down 4bp to 2.22%. Global investors fleeing to bonds.
• USD seeing broad demand, but the move is fading into NY trade.
• German unemployment explodes higher the most since the financial crisis.
• Australia 10-yr bond yield dips below the RBA cash rate. JPM sees 4 rate cuts from the RBA by mid-2020.
• USDJPY holding chart support in the 109.20s despite risk-off flows.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Rachel Butler at 08:15 AM

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05-28-2019 08:15

USD trading mixed in quiet start to holiday shortened week
USD trading mixed in quiet start to holiday shortened week

• US traders returning from Memorial Day long weekend devoid of major US/China trade headlines.
• USDCAD bouncing but trend-line resistance in the 1.3470s capping.
• EURUSD holding support in the 1.1170s after Thursday’s gold-inspired bullish outside day pattern.
• GBPUSD traders deciding what to do next following Theresa May’s announced June 7 resignation date.
• AUDUSD trading bid with copper and EURUSD.
• USDJPY continues to struggle as US 10s start the week below 2.30%.
• Bank of Canada announces its latest interest rate decision tomorrow.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Jacquelyn McMullen at 08:15 AM

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05-23-2019 08:15

Rising US oil inventories save USDCAD. Markets in risk-off mode again today
Rising US oil inventories save USDCAD.  Markets in risk-off mode again today

• China warns the US to correct wrong doings. PBOC reiterates it has the tools to keep the yuan stable.
• Germany’s Markit PMI and IFO survey for May miss expectations. Eurozone Markit PMI also disappoints.
• Theresa May facing cabinet mutiny as Andrea Leadsom resigns.
• 1922 Committee to allow for another no-confidence vote tomorrow if May doesn’t announce resignation date.
• June gold prices popping $5 as NY trade gets underway.
• Canadian Wholesale Sales for March beat expectations (+1.4% MoM vs +0.9%).
• Four Fed members speaking this afternoon.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Jacquelyn McMullen at 08:15 AM

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05-22-2019 08:15

Canadian core Retail Sales for March smash expectations (+1.7% MoM vs +0.9%)
Canadian core Retail Sales for March smash expectations (+1.7% MoM vs +0.9%)

• USDCAD retreats further. Fibonacci chart support in the 1.3370s now pivotal for near term direction.
• Theresa May’s Brexit gambit backfires. 1922 Committee meets at 11amET.
• Talk swirling that Theresa May could be out of a job by Sunday.
• Sizable topside option expiry today + demand for EURGBP sees EURUSD bid.
• Moderate risk-off flows in play following Trump’s latest provocation against five Chinese technology companies.
• Weekly EIA oil inventory report at 10:30amET. FOMC Minutes at 2pmET.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Rachel Butler at 08:15 AM

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05-21-2019 08:15

Hawkish comments from Poloz and lifting of US/Canada metal tariffs sees USDCAD u-turn lower
Hawkish comments from Poloz and lifting of US/Canada metal tariffs sees USDCAD u-turn lower

• USDCAD now testing 1.3400 chart support. Canada reports March Retail Sales tomorrow.
• RBA’s Lowe considering rate cut in two weeks. AUDUSD retreats to fill Sunday opening gap higher following elections.
• AUD selling dragging EURUSD lower, but market holding new trend-line support channel, 1.1140-70.
• GBPUSD shorts covering ahead of Theresa May speech at 10amET. New Brexit plan rumored to be announced.
• Some USDJPY fund longs throw in the towel during week ending May 14.
• Chinese media says “Make no mistake, China is not bluffing.”

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Jacquelyn McMullen at 08:15 AM

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05-17-2019 08:15

Markets on edge once again as the Chinese reportedly lose interest in negotiating
Markets on edge once again as the Chinese reportedly lose interest in negotiating

• China sees little sincerity in the US approach to trade talks.
• Oil prices trading bid as two new US war ships enter Persian Gulf.
• Tory/Labour Brexit talks formally break down. Boris Johnson enters Tory leadership race.
• Broad demand for USD sees USDCAD threatening break higher into 1.35s.
• Australia elections on tap for tomorrow. Trump to formally decide on auto-tariff delay today.
• Canadian markets closed on Monday for Victoria Day.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Rachel Butler at 08:15 AM

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05-16-2019 08:15

US Housing Starts, US Philly Fed, Canadian Manufacturing Shipments all beat expectations
US Housing Starts, US Philly Fed, Canadian Manufacturing Shipments all beat expectations

• USDCAD trying to recover after planned Trump auto tariff delay sees broad USD selling yesterday.
• EURUSD back on the defensive after two failed attempts to get above 1.1220s. Strong US data this morning not helping.
• GBPUSD continues to be plagued by Brexit uncertainty. EURGBP continues march higher after yesterday’s breakout.
• Australia reports mixed employment report for April. AUDUSD recovers, but now weighed down by EURUSD selling.
• USDJPY traders eyeing Sunday gap fill, after S&Ps get back above 2840s.
• Bank of Canada’s Stephen Poloz to speak at 11:15amET.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Jacquelyn McMullen at 08:15 AM

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05-15-2019 08:15

Risk off flows back in action. US Retail Sales and Canadian CPI figures for April up next.
Risk off flows back in action.  US Retail Sales and Canadian CPI figures for April up next.

• Traders expecting +0.2% MoM and +0.7% MoM ex. Autos for US Retail Sales.
• Consensus looking for +0.4% MoM and +2.0% YoY for Canadian CPI.
• Australian May Consumer Confidence and Q1 Wage Price Index misses expectations.
• Chinese April Retail Sales and Industrial Production figures disappoint.
• Italian bonds see follow-through selling following Salvini’s budget comments yesterday.
• German bund yields at new lows, BTP/Bunds at new 3-month wides, risk-off flows benefiting USD broadly.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Rachel Butler at 08:15 AM

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05-14-2019 08:15

Trump believes discussions with China will be very successful. Expects outcome in 3-4 weeks
Trump believes discussions with China will be very successful. Expects outcome in 3-4 weeks

• S&Ps +20, USDJPY bounces, USDCNH off yesterday’s highs.
• Italy’s Salvini giving EUR traders an excuse to sell. EURUSD decouples from gold prices for now.
• Sterling toying with both sides of 1.2930s pivot, but sellers now taking over.
• AUDUSD staring into the abyss below 0.6940. Australian Consumer Confidence / Wage Price Index out tonight.
• USDCAD traders shaking off risk recovery and oil bid, continues to hold chart support in 1.3450-60s.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Jacquelyn McMullen at 08:15 AM

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05-13-2019 08:15

US/China trade war heats up. China retaliates with $60bln in new tariffs effective June 1
US/China trade war heats up. China retaliates with $60bln in new tariffs effective June 1

• S&Ps -60. USDCNH explodes higher once again, now above 6.90. Gold prices spiking $10 higher, lifting EURUSD.
• GBPUSD following the Euro higher, albeit mildly. Trade-sensitive AUDUSD lags as copper losses 1.7%.
• USDJPY collapses amid risk-off flows, with entrenched fund long positions adding to the weight.
• June crude oil prices surging 2.4% higher as Saudi tankers attacked.
• USDCAD traders stuck in the 1.3430-60s as risk-off flows compete with oil supply fears.
• Bank of Canada’s Lane speaking at 5:30pmET today.

Tags: currency news , cad , gbp , usd , eur , foreign currency market analysis , currency market rates

Posted By Jacquelyn McMullen at 08:15 AM

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