FX report for the week ending November 11, 2016
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It’s time for another Rate Tracker from theCurrent! Every Monday 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
- What an interesting week it has been for the USD, as it hits its highest levels in nine months against the loonie on Friday, due to expectations that the administration of President-elect Donald Trump will stimulate growth and inflation in the economy.
- The prospect for a hike in US interest rates in December by the Federal Reserve also remains probable, while a sharp drop in oil prices continued to affect the Canadian dollar negatively.
- The USD/CAD pair closed on Thursday at 1.3483.
EUR and CAD
- The euro lost all last week’s gains made against the loonie this week, as political uncertainty weighs on the outlook for the future of the euro currency in the wake of key elections in Italy and Austria.
- Following the Brexit and a Trump Victory, concerns are growing that a similar pattern of voting will emerge in Europe. The Italian constitution review vote is scheduled for December 4, 2016.
- The euro closed lower on Thursday against the loonie at 1.4678.
GBP and CAD
- The Canadian dollar slipped against the British Pound, having its worst weekly levels on Thursday closing at 1.6914.
- The British pound is expected to extend its recent rise as the new US administration has expressed a desire to put the relationship with the UK at the forefront and also, as uncertainty increases with the eurozone elections.
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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