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04-30-2019 08:15

Canadian GDP contracts 0.1% MoM in February. Data helps to stem USDCAD selling
Canadian GDP contracts 0.1% MoM in February.  Data helps to stem USDCAD selling

• Canadian GDP for February misses estimates: -0.1% MoM vs 0% and +1.1% YoY vs +1.4%.
• Canadian Raw Material Price Index misses: 2.8% vs 3.9% for March.
• Italian and Eurozone preliminary Q1 GDP beat estimates, helps boost EURUSD.
• GBPUSD rallying higher with EURUSD, despite turmoil for Theresa May.
• AUDUSD lags after China reports weaker Manufacturing and Services PMIs for April.
• USDJPY loses chart support in the 111.60s.
• Chicago PMI for April out at 9:45amET. Bank of Canada’s Poloz speaking at 11amET.

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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04-29-2019 08:15

USD trading quietly bid ahead of busy week
USD trading quietly bid ahead of busy week

• China PMIs for April out tonight. Fed meets on Wednesday. US Employment Report on Friday.
• Leveraged funds add to USD longs against EUR, GBP, AUD and JPY (during week ending April 23).
• S&P affirms Italy’s BBB credit rating.
• Brexit headlines few and far between. Bank of England meets on Thursday.
• Japan on holiday now until May 7.
• European markets closed on Wednesday for May Day. Markit PMIs out on Thursday.

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

Posted By Isabella Guevara at 08:15 AM

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04-26-2019 08:15

US headline GDP figures for Q1 2019 beat expectations, but inflation readings disappoint
US headline GDP figures for Q1 2019 beat expectations, but inflation readings disappoint

• USD shoots higher initially, then reverses lower. FOMC meets next Wednesday.
• Rumor of waiver for China on Iran oil imports hurting oil prices, but USDCAD fails to really benefit.
• EURUSD, GBPUSD and AUDUSD attempting short covering rallies post US GDP report, but momentum is fading.
• US Michigan Consumer Sentiment survey for April out at 10amET. Traders expecting read of 97.0.
• Japanese markets closed all next week for the Golden Week holidays.

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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04-25-2019 08:15

Bank of Canada delivers more dovish than expected hold to interest rates. Broad USD buying continues today
Bank of Canada delivers more dovish than expected hold to interest rates. Broad USD buying continues today

• US Durable Goods for March beat expectations, +2.7% MoM vs +0.8%.
• Stephen Poloz tries to kill rate cut speculation, USDCAD struggling a bit at post BOC highs.
• EURUSD trades to new 2yr low, but buyers trying to step in now at 1.1120s chart support.
• Sterling on the defensive yet as chart support levels give way. EUR selling not helping.
• AUDUSD stares into the abyss sub 0.7010.
• USDJPY runs higher on rare 10-day forward discount capture for spot long positions, but then reverses.
• Bank of Japan leaves monetary policy unchanged, and clarifies that it will be this way for at least another year.

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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04-24-2019 08:15

Australian CPI disappoints. Bank of Canada rate announcement up next at 10amET.
Australian CPI disappoints.  Bank of Canada rate announcement up next at 10amET.

• Weak Australian Q1 CPI sees AUD plunge lower. RBA rate cut speculation increases.
• Bank of Canada expected to hold rates steady at 10amET. Press conference at 11:15amET.
• USDCAD breaks higher out of 6-week triangular consolidation.
• Crude oil prices backing off a tad after bearish API numbers & comments from Saudi Arabia’s energy minister.
• Weekly EIA oil inventory report out at 10:30amET. Traders expecting a build of 1.25M barrels.
• 1922 Committee meeting at 11amET in the UK. Bank of Japan meets tonight.

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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04-23-2019 08:15

Talk of China potentially curtailing economic stimulus hurts Chinese stocks, yuan and commodity currencies
Talk of China potentially curtailing economic stimulus hurts Chinese stocks, yuan and commodity currencies

• China stocks off 1.5%. USDCNH through 6.7190. AUDUSD loses 0.7120s. USDCAD back at range highs.
• Sellers pounce on EURUSD and GBPUSD at overnight chart resistance. Both pairs now seeing heavy selling into NY trade.
• UK parliament returns from Easter recess. Theresa May planning key Brexit vote in 10 days.
• USDJPY longs hold chart support in the 111.60-80s.
• Bank of Canada interest rate decision looms for USDCAD traders tomorrow. June crude oil giving up overnight gains.

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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04-22-2019 08:15

US to end Iran sanction waivers for oil importers. Markets otherwise quiet on this Easter Monday.
US to end Iran sanction waivers for oil importers. Markets otherwise quiet on this Easter Monday.

• June crude oil gallops 2% higher, sees USDCAD ease slightly off Thursday’s highs. Bank of Canada decision on Wednesday.
• EURUSD drifts higher. German IFO tomorrow. US Durable Goods on Thursday. US Q1 GDP on Friday.
• GBPUSD slips further as the funds flip to net long. Theresa May to face heat from Tory party this week.
• AUDUSD declines as 0.7140s give way. Australian Q1 CPI out tonight. ANZAC Holiday on Wednesday.
• USDJPY longs pile in during pullback below 111.00. BOJ meets on Thursday. Japanese markets shut next week for Golden Week.

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

Posted By Isabella Guevara at 08:15 AM

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04-18-2019 08:15

Poor German and Eurozone Manufacturing PMIs sees broad demand for USD today.
Poor German and Eurozone Manufacturing PMIs sees broad demand for USD today.

• EURUSD falls through chart support in the 1.1270-80s.
• GBPUSD follows the Euro lower. Bounce from better UK Retail Sales data proves short lived.
• Australia reports better than expected job growth for March, but EURUSD sales weigh on AUD.
• US & Canadian Retail Sales figures up next at 8:30amET.
• Option expiries and pre-Easter liquidity could lead to choppy price action to end the week.
• North American and European markets closed tomorrow for the Good Friday holiday.
• European markets closed on Monday.

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

Posted By Jennifer Danuff at 08:15 AM

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04-17-2019 08:15

Upbeat Chinese data boosts copper and commodity currencies. Canadian CPI for March up next.
Upbeat Chinese data boosts copper and commodity currencies.  Canadian CPI for March up next.

• Chinese Industrial Production & Retail Sales data for March plus Q1 GDP all beat estimates overnight.
• AUDUSD knocking on door of 0.7190-0.7200 resistance, where over 1.5blnAUD in options also expire today.
• USDCAD under pressure with crude oil bid compounding the losses. Canadian March CPI expected +1.9% YoY.
• Weekly EIA oil inventory report out at 10:30amET. Consensus expects 1.7M barrel build. Last night’s APIs were bullish.
• GBPUSD trying to reclaim 1.3050s support as EURGBP breakout falters. UK March CPI misses expectations.
• Fed’s Beige Book report out at 2pmET.
• Australia reports March employment figures at 9:30pmET tonight.

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

Posted By Jennifer Danuff at 08:15 AM

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04-16-2019 08:15

USD trading mixed into NY trade. US Industrial Production up next.
USD trading mixed into NY trade.  US Industrial Production up next.

• EURUSD choppy with both dovish and hawkish ECB headlines. German ZEW survey for April comes in mixed.
• GBPUSD feeling the pressure as EURGBP longs reassert themselves. UK employment report meets expectations.
• AUDUSD falls after dovish RBA Minutes, then rallies after Mccraan article.
• USDCAD rallies to 1.3390s post dovish Business Outlook Survey, but has since struggled.
• USDJPY fails to benefit from more gold selling and further S&P gains.
• US March Industrial Production up next at 9:15amET. May crude oil options expire today.
• China reports Retail Sales, Industrial Production, and Q1 2019 GDP tonight at 8pmET.

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

Posted By Jennifer Danuff at 08:15 AM

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