Currency Market Trend Analysis: July 3, 2017
By The Numbers: Your FX Week In Review
|Date||Releases / Holiday||Entity|
|July 3, 2017||BoE Governor Carney’s Speech||UK|
|July 3, 2017||ISM Prices Paid||USA|
|July 3, 2017||ISM Manufacturing PMI||USA|
|July 4, 2017||Inflation Report Hearings||UK|
|July 4, 2017||Markit Manufacturing PMI||CAD|
|July 5, 2017||Non-monetary Policy's ECB Meeting||EMU|
|July 5, 2017||FOMC Minutes||USA|
|July 6, 2017||ECB Monetary Policy Meeting Accounts||EMU|
|July 7, 2017||Unemployment Rate||CAD|
|July 7, 2017||Net Change in Employment||CAD|
|July 7, 2017||Unemployment Rate||USA|
|July 7, 2017||BoE Governor Carney’s Speech||UK|
Upcoming bank holidays and impactful report releases for select countries.
CAD/USD - Canadian Dollar
The CAD opened last week at 0.7548 and closed at 0.7703.
The CAD has appreciated 2% against the USD in the last week, as a result of an increase in the price of oil. The unemployment rate and the net change in employment for BoC will be announced on Friday, July 7. Expect a nonvolatile week ahead.
1. Markit Manufacturing PMI: Tuesday July 4.
2. Unemployment Rate: Friday July 7.
3. Net Change In Employment: Friday July 7.
GBP/USD - British Pound
The GBP opened last week at 1.2737 and closed at 1.3004.
The GBP appreciated 2% against the USD last week, following positive comments made by Bank of England Governor, Mark Carney. Although investors reacted positively to his statements, it is possible that the upward trend will eventually stabilize pending the results of the upcoming inflation report hearing on Tuesday, July 4. Expect a bullish week in the future.
1. BoE's Governor Carney Speech: Monday July 3.
2. Inflation Report Hearings: Tuesday July 4.
3. BoE's Governor Carney Speech: Friday July 7.
EUR/USD - European Union Euro
The Euro opened last week at 1.1196 and closed at 1.1423.
The euro has hit a 12-month high against the USD, appreciating by 2%, and is expected to hold steady in the upcoming week. This is primarily due to comments made during a forum hosted by the European Central Bank this past week hinting at an increase in interest rates in the near future. Expect a nonvolatile week going forward.
1. Non-monetary Policy's ECB Meeting: Wednesday July 5.
2. ECB Monetary Policy Meeting Accounts: Thursday July 6.
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