FX report for the week ending December 2, 2016
It’s time for another Rate Tracker from theCurrent! Every Monday we’ll provide charts and information giving you a quick rundown of how the Canadian dollar fared against three of the world’s most important currencies – the US dollar, the euro, and the pound sterling. You can also find important news and other events that could affect the dollar in an easy to read table. We hope this will help connect you even more to Continental and the wide world of foreign exchange. Enjoy!
USD and CAD
- OPEC’s midweek decision to cut output, higher oil prices and stronger than expected GDP data certainly gave the Canadian dollar a boost against the US dollar, with the loonie ending the week against the US dollar at a six-week high of 1.3283.
- November job data for both the US and Canada were positive as the US unemployment rate fell to 4.6%, the lowest level since 2007 as employers added 178,000 jobs. Canada’s jobless rate dipped to 6.8%, as the economy created 10,700 jobs and fewer people looked for work, Statistics Canada said Friday.
- Bank of Canada’s interest decision is scheduled for December 07, 2016 and it is expected that interest rates will remain unchanged.
EUR and CAD
- The euro fell against the Canadian dollar for 4 days consecutively last week and dropped further on Sunday, December 4, 2016 as Italian prime minister Matteo Renzi said he will resign after conceding defeat in the nation’s constitutional referendum.
- It is expected that in the aftermath of the Italian referendum, the euro will continue to react negatively to the political and economic uncertainty.
- The European Central Bank’s interest rate decision is scheduled for December 08, 2016.
GBP and CAD
- Positive market sentiments on both the sterling and the Canadian dollar led to gains for both currencies last week and resulted in little directional movement.
- Major releases this week for the British pound are the service PMI, manufacturing production and Goods Trade Balance.
- The GBP/CAD pair closed the week at 1.6905.
News with Possible Impact on Currencies
Sources: Bank of Canada, Forex Factory, Continental Currency Exchange. Track currencies for yourself with our FREE Rate Watch.
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