FX report for the week ending October 7, 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
- Last week, the Canadian dollar dropped to its weakest against the USD since March, closing the week at 1.3285.
- Canada’s employment change data beat expectations on Friday, creating 67,200 jobs in September while the unemployment rate remained unchanged at 7%.
- Although the US job data came out lower than anticipated, the US dollar is still expected to maintain its gains against the loonie as a December rate hike by the Fed is a possibility.
EUR and CAD
- The EUR/CAD pair ended the week at 1.4875, up 0.94% from the close of the previous week.
- Eurozone news to watch out for this week is the German ZEW economic sentiment scheduled for release on Tuesday, October 11, 2016.
GBP and CAD
- The British pound recorded a series of historic declines against the Canadian dollar over the past week, closing the week at 1.6527, a 2.81% drop from the close of the previous week.
- The decline is most likely due to traders reconsidering their sterling position and selling, as the drop was not related to any negative data out the UK last week.
- The Bank of England governor Carney is expected to speak on Thursday, October 13, 2016.
News with Possible Impact on Currencies
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