FX report for the week ending November 25, 2016
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
- The USD remains stronger against the loonie as the US economy continues to post strong data, with core durable goods order rising by 1.0% on Wednesday, well above the estimate of 0.2%
- The USD has also been boosted by the expectation that the US central bank will most likely raise interest rates next month, and expectations that the new Trump administration will spur economic growth and inflation
- There was no major data in Canada last week, except for the core retail sales which came out much lower than anticipated
- The USD/CAD pair closed on Friday at a weekly high of 1.3527
EUR and CAD
- Data out of the eurozone last week was the German Ifo business climate which ticked down to 110.4 this month, not meeting expectations of 110.6 but still strong
- Strong data out of the eurozone had little impact on the euro currency as market attention is refocused on political issues in the region
- The euro was able to bounce back against the loonie on Friday to close at 1.4329
GBP and CAD
- The British pound continues to recover against the Canadian dollar as data on Thursday revealed that the UK mortgage approvals climbed to a five-month high in October
- The British pound also remained supported as improvement in the monetary policy outlook appears to be the spark driving recent gains.
- The GBP/CAD pair closed the week at 1.6861, with the GBP up 0.99% from the previous Friday’s close
News with Possible Impact on Currencies
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