FX report for the week ending February 3, 2017
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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 Federal Reserve maintained its federal funds rate at 0.75% on Wednesday.
- The loonie gained against the US dollar on Friday, as higher oil prices gave the commodity related currency a boost and the release of mixed US employment data did little to help the USD.
- Out of Canada, GDP data remained unchanged at 0.40%, while the US economy added 227,000 jobs in January, which exceeded expectations of a 175,000 increase. However, the US unemployment rate rose to 4.8% from 4.7% in December.
- The USD/CAD pair closed on Friday at 1.3028.
EUR and CAD
- The euro started the week lower against the loonie at 1.3983 but was able to bounce back to close the week at 1.4044.
- The euro made gains due to strong data out of the eurozone last week. (See table below)
- News out of the eurozone this Monday is the German Factory Orders. This is important as it’s a leading indicator of production.
GBP and CAD
- The Bank of England left its official bank rates unchanged at 0.25%.
- The British Pound slipped on Friday after the release of the UK’s service PMI, which was lower than expected, dropping to 54.5 in January from 56.2 in December with expectations of 55.8.
- The GBP/CAD pair ended the week at 1.6263.
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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