FX report for the week ending February 10, 2017
It’s time for another Rate Tracker from theCurrent! Every week 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
- The loonie strengthened against the US dollar on Friday, as data showed that Canada added 48,300 jobs in January. A rise in oil prices also helped boost the commodity related currency, with the USD/CAD pair closing on Friday at 1.3085
- The probability that the Bank of Canada will increase interest rates rose to more than 40 percent.
- Data out of Canada on Friday also showed that Canada’s unemployment rate ticked down 6.8% last month from 6.9% in December
EUR and CAD
- The euro started the week at 1.4075 against the Canadian dollar but lost all gains made, to close the week at 1.3920
- The euro is expected to fall further against the loonie and other currencies as eurozone political concerns take center stage once again
- The ECB monetary policy meeting accounts is scheduled for Thursday, Feb 16
GBP and CAD
- The GBP was lower against the loonie at the start of the week but was able to erase losses following strong manufacturing data and trade data releases. However, the GBP/CAD pair closed on Friday at 1.6339
- Important data out of the UK this week is the GBP retail sales which is expected for release on Feb 17, 2017
News with Possible Impact on Currencies
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