FX report for the week ending February 24, 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 US dollar lost some ground during the week after the minutes of the Federal Open Market Committee (FOMC) meeting showed hesitancy amongst some Fed members to support an interest rate hike.
- Data out of Canada showed that the Consumer Price Index (CPI) rose 0.9% in January, surpassing expectations of an increase of 0.3%, after a previous fall by 0.2% in December. The Core CPI data helped support the loonie; however, its gains were limited as oil prices were lower on Friday.
- The Bank of Canada is expected to maintain its overnight rate at 0.5% on March 1, 2017.
- The USD/CAD pair was almost unchanged last week, closing Friday at 1.3109.
EUR and CAD
- The euro was lower against the Canadian dollar last week, closing the week at 1.3846 with a 0.41% drop from previous weeks close.
- There is no high impact data due in the euro-zone this week. Therefore, the euro could still be driven by political uncertainty around France and if there would be a “Frexit”.
GBP and CAD
- The British pound fell against the loonie and other currencies last week after the revised Q4 GDP figures showed business investments growing more slowly than expected.
- Manufacturing, Constructing and Service PMI data in the U.K are expected to be release on the 1st, 2nd and 3rd of March, 2017 respectively.
- The GBP/CAD pair closed on Friday at 1.6330.
News with Possible Impact on Currencies
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