FX report for the week ending October 14, 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
- The lack of high impact economic news out of Canada last week did not stop the loonie from strengthening against the USD, with the loonie benefiting from rising oil prices as the release of crude oil inventories from the US showed a healthy inventory
- The US dollar ended the week weaker against the Canadian dollar at 1.3145, down 1.05% from the close of the previous week
- The heavy economic data out of Canada this week will be on Wednesday, October 19, 2016 as the Bank of Canada is set to release the monetary policy report and rate statement. This is important because it discusses economic outlook and offers clues on the outcome of economic decisions
EUR and CAD
- The euro fell against the Canadian dollar last week, closing the week at 1.4422 with a 3.05% drop from previous weeks close.
- The weakness in the euro could be linked to a falling British pound as the Brexit fears continue to affect investors’ confidence
- There is no high impact data due in the eurozone this coming week. Therefore, the euro could still be driven by speculation around the sterling
GBP and CAD
- The British pound exchange rate slipped to its lowest weekly levels against the Canadian dollar on Friday, closing at 1.6001 and touching on lows not seen in years as Brexit based anxiety continues to play on the minds of investors.
- The UK’s Consumer Price Index data is scheduled for released on Tuesday, October 18, 2016. This is significant as any indication of rising prices affects interest rate decisions
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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