FX report for the week ending September 9, 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/CAD W.E Sep-09-2016 Highlights
- The loonie weakened against the U.S. dollar on Wednesday after the Bank of Canada maintained the overnight rate at 0.5%
- Data out of Canada on Friday revealed that the number of employed people increased by 26,200 in August, surpassing expectations for a 16,000 rise and after a decline of 31,200 the previous month
- However, the report also showed that Canada’s unemployment rate scaled up to 7.0% last month from 6.9% in July. The loonie was also hit by declining oil prices on Friday
- USD/CAD ended the week at 1.3037, up 0.36% from the close of the previous week
EUR/CAD W.E Sep-09-2016 Highlights
- The euro remained supported on Thursday after the European Central Bank left its benchmark interest rate unchanged at a record-low of 0.0%, in line with market expectations
- The euro rate increased against the loonie by 0.98% from its closing rate on September 02, 2016 to end the week at 1.4636
- Eurozone data to watch out for this week include industrial output, final CPI and German ZEW survey.
GBP/CAD W.E Sep-09-2016 Highlights
- The Service PMI Data out of the U.K. last Monday gave the sterling a strong start to the week
- This week is an important one for the U.K. as plenty of data is scheduled for release and the Bank of England’s policy meeting on Thursday, September 15, 2016 is keeping the sterling in the spotlight
- The sterling rate increased by 0.18% from its closing rate on September 02, 2016 to end the week at 1.7303
News with Possible Impact on Currencies
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