(MENAFN- Baystreet)
USD / CAD - March 2024: FX Outlook Add this under widget
USD / CAD - Powell Contradicts Himself Add this under widget
USD / CAD - Canadian dollar counting down to BoC decision. Add this under widget
Canadian dollar inching lower Add this under widget
USD / CAD - Canadian dollar marooned. Add this under widget Previous Articles Subscribe to Get Small Cap News & Alerts Rahim Madhavji - Monday, March 11, 2024
USD / CAD - Canadian Dollar Rally Halted
- Markets sidelined ahead of Tuesday's US Core inflation report.
- Retreating equity prices weigh on risk sentiment.
- US dollar trading defensively, post NFP.
USDCAD: open 1.3470-74, overnight range 1.3470-1.3493, close 1.3486, WTI $78.22,Gold, $2180.61
The Canadian dollar was unable to sustain gains following the release of the Canadian and US employment reports.
Canada added 40,700 new jobs compared to the 20,000 forecast, while the US nonfarm payrolls report showed a gain of 275,000 jobs compared to expectations for 200,000. The details in both reports were mixed and the results did nothing to encourage the Bank of Canada or the Fed to cut interest rates in the near term.
North American traders may be a bleary-eyed when the start working today due to the loss of one hours worth of sleep. Daylight savings time began on Sunday. The combination of sleepy traders and an empty economic calendar suggests an uneventful trading day ahead.
Things will get percolating on Tuesday when the February US inflation report is released. Core-CPI is expected at 0.3% m/m which although down a tick from January, will still be too hot for the Fed.
China CPI rose 0.7% y/y in February compared to the forecast of 0.3%) while PPI fell 2.7% y/y. The news was largely ignored.
Asian equity indexes ended mixed, with Japan's Nikkei 225 index declining by 2.19% and Australia's ASX 200 index dropping 1.82%. Meanwhile, both Hong Kong and Shanghai Shenzhen indexes saw rallies. European markets are down, led by a 0.63% fall in the German DAX. S&P 500 futures are unchanged, and the US 10-year Treasury yield stands at 4.08%.
EURUSD was stable, trading within a 1.0933-1.0949 range. Market participants are awaiting inflation data from Germany and the US on Tuesday.
GBPUSD held onto its post-NFP gains, moving within a 1.2831-1.2866 range. Traders are patiently awaiting tomorrow's UK employment report, with a focus on the average earnings data.
USDJPY fluctuated within a 146.49-148.17 range, consistent with Friday's performance, as recent comments on rate hikes by BoJ officials continue to impact the pair. The currency found no support from the revised upward Q4 GDP (actual 0.1% versus previous -0.1%), which barely allowed the country to dodge a technical recession, as the outcome was below expectations. This weak data increases the likelihood of a BoJ rate cut in April.
AUDUSD saw little movement, trading in a 0.6605-0.6629 range, with Australian markets closed for Adelaide Cup Day.
There are no top tier Canadian or US economic reports today.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN11032024000212011056ID1107964084
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.