Currency Market Trend Analysis: July 10, 2017

Ryan July 10th, 2017

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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	Releases / Holiday	Entity
July 10, 2017	Sentix Investor Confidence (Jul)	EMU
July 10, 2017	Labor Market Conditions Index (Jun)	USA
July 12, 2017	Unemployment Reports	UK
July 12, 2017	FED’s Yelen Speech	USA
July 12, 2017	BoC Monetary Policy Report	Canada
July 12, 2017	BoC Interest Rate Decision	Canada
July 12, 2017	Beige Book	USA
July 13, 2017	CPI (Jun)	Germany
July 13, 2017	CPI (Jun)	France
July 13, 2017	FED’s Yelen Speech	USA
July 13, 2017	New Housing Price Index (May)	Canada
July 14, 2017	CPI Reports	USA

Upcoming bank holidays and impactful report releases for select countries.

Market Analysis

CAD/USD - Canadian Dollar

The CAD opened last week at 0.7714 and closed at 0.7769.

The CAD appreciated by 0.71% against the USD last week, in the wake of lowered unemployment and better-than-expected job growth. Adjusting for population, Canada’s job growth has been about 1/3 faster than that of the US over the past year. It is expected that the BoC will announce a 25bp rate hike on Wednesday. This hike has been largely priced into the market – expect the CAD to hold fairly steady over the next week, with slight appreciation a possibility.

1. BoC Monetary Policy Report: Wednesday July 12.

2. BoC Interest Rate Decision: Wednesday July 12.

3. New Housing Price Index (May): Thursday July 13.

GBP/USD - British Pound

The GBP opened last week at 1.3027 and closed at 1.2879.

The GBP depreciated 1.14% against the USD over the past week. This depreciation was led by continuing Brexit and election-related concerns, as well as poor PMI data.

The unemployment reports due in on Wednesday are expected to be lackluster, with job gains steady, but low wage growth. Further depreciation is a strong possibility.

1. Unemployment Reports: Wednesday July 12.

EUR/USD - European Union Euro

The Euro opened last week at 1.1425 and closed at 1.1396.

Over the past week, the Euro has depreciated by 0.25% against the USD, following the release of the Eurozone Sentix Investor Confidence data. This is a fairly data-light week for the Euro – rates should be holding steady.

1. Sentix Investor Confidence: Monday July 10.

2. CPI (Germany, Jun): Thursday July 13.

3. CPI (France, Jun): Thursday July 13.

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About the Author

Collin McAliley - Financial Analyst

Collin 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?

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