FX report for the week ending March 17, 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 started the week stronger against the loonie due to the anticipation of a US Interest rate hike. The US Federal Reserve raised interest rates by 0.25% on Wednesday as expected to 1.00% from a previous of 0.75%.
- The US dollar was unable to maintain its gains as the Federal Reserve kept its previous forecast of three rate increases this year, which left investors disappointed as they expected four rate hikes in 2017.
- The US dollar continued its downward trend into Friday, after economic data out of the US came out lower than expected.
- The USD/CAD pair closed the week at 1.3337.
EUR and CAD
- The euro fell against the Canadian dollar midweek due to political uncertainty in the eurozone. However, the euro was supported by the end of the week after the release of the Dutch preliminary election results.
- The EUR/CAD pair ended the week on Friday at 1.4327.
GBP and CAD
- The British pound gained against the Canadian dollar last week to close at a 2 week high of 1.6509.
- The Bank of England left interest rates unchanged at 0.25% but indicated that a rate hike is probable in the near future.
- The main event in the UK this week is the Consumer Price Index (CPI) data, which is to be released on Tuesday, March 21.
News with Possible Impact on Currencies
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