Canadian Dollar boosted by domestic and US economic figures
Last Updated on Monday, 09 May 2011 09:58 Written by Will Peters Monday, 09 May 2011 09:57
After the headlines of last week, this week is a slightly quieter one in terms of key economic announcements.The euro Canadian Dollar rate is 0.154% higher with 1 EUR = 1.3915 CAD.
The Canadian Dollar / US Dollar exchange rate is 0.466% higher with 1 CAD = 1.0366 USD.
"GBP CAD is broadly trading sideways, as the loonie fails to capitalise on strong US data amid pressurised oil prices," says foreign exchange rate analyst Duncan Higgins at Caxton FX.
The Canadian Dollar benefitted from a slightly lowered Canadian unemployment rate (down to 7.6%) and an increase in the number of people in employment.
More importantly though, US jobs data was strong, which as ever helped the Canadian currency.
"Nonetheless, Brent crude is currently trading at $111 per barrel, well off the highs seen in recent weeks (up above $125). One of today’s only economic announcements comes in the form of Canadian housing starts data, which is expected to remain at current levels. The price of oil and overall risk appetite is likely to be more market moving," says Higgins.
The US Payrolls data proved to be a key event for the broader exchange rate markets.
After several poor US employment indicators in previous sessions, last week ended with April’s US Non-Farm Payrolls and employment rate data, and there was a surprise to the upside. There were further losses to be suffered by the single currency as a result.
After the headlines of last week, this week is a slightly quieter one in terms of key economic announcements. The UK’s monthly Inflation Report will be released on Wednesday, where you can expect inflation to have ticked up and the BoE’s British growth forecasts to be downgraded.
For today though, the market will be watching commodity prices very closely after last week’s descent.
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