FX report for the week ending March 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 Canadian dollar weakened to fresh lows against the US dollar last week as the Bank of Canada maintained its interest rates at 0.5%. Increased chances of a US Federal Reserve interest rate hike in March also gave the US dollar a boost.
- The US dollar was also supported by the initial jobless claims data. As it showed a decline by 19,000 to 223,000 in February from the previous week’s total of 242,000.
- Oil prices were under pressure last week with concerns over US stockpile and production levels, which did little to help the commodity related Canadian dollar.
- The USD/CAD pair started the week at a low of 1.3118 and closed Friday with a high of 1.3405.
EUR and CAD
- The Canadian dollar was lower against the euro in the previous week, starting the week at 1.3907 to close at a weekly high of 1.4169 on Friday.
- The main event for the euro this week is the European Central Bank (ECB) rate meeting on Thursday, March 9 2017. It is expected that the ECB will maintain its interest rate at 0.00%.
GBP and CAD
- The pound sterling slipped against the loonie on the back of another set of disappointing economic data out of the UK economy.
- Data out of the UK on Friday showed the Service PMI for February came out at 53.3, which was below analyst expectations for a reading of 54.2 and well below the previous month’s 54.5.
- The GBP/CAD pair closed the week at 1.6427.
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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