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Canadian Dollar Down Against Euro Following FOMC Minutes
www.investing.com/analysis/fundamental/canadian-dollar-down-against-euro-following-fomc-minutes-7097
Canadian Dollar Down Against Euro Following FOMC Minutes
By CEP News | May 21, 2008 08:00PM ET
(CEP News) - The Canadian dollar's gains were trumped by those of the euro, which was up against all majors, the loonie included, on Wednesday with the releases of Canadian CPI and the Federal Open Market Committee minutes.
The Canadian dollar was up 0.0083 to 1.0161 against the U.S. dollar and was up 0.283 points to 104.7650 against the yen. The pound sterling was down 0.0161 to 1.9372 against the Canadian dollar. The Canadian dollar was up 0.0040 to 1.0552 against the Australian dollar. The euro, however, was up 0.0006 to 1.5532 against the Canadian dollar.
With the release of Canadian CPI, the EUR/CAD retraced gains made at 4:00 a.m. EDT on higher-than-expected German Ifo index figures. On Canadian CPI, the euro decreased 0.0080 to 1.5480 against the loonie.
However, the currency cross got a boost on the release of the Federal Open Market Committee's minutes from its April 30 meeting, which signalled a pause on the part of policy-makers. In unusually explicit language, the minutes of the Federal Open Market Committee's (FOMC) April 29-30 meeting said the decision to cut rates at the last meeting was "a close call" and that policy-makers will be reluctant to further cut rates even in the face of negative growth.
The euro was up 0.0138 to 1.5784 against the U.S. dollar. The U.S. dollar was down 0.60 to 103.09 against the yen. The Australian dollar was up 0.0044 to 0.9631 and the pound sterling was up 0.0001 to 1.9685, both against the U.S. dollar. The USD/CAD was down 0.0082 to 0.9841 against the Canadian dollar.
Currency strategists from CIBC World Markets said that, should the USD/CAD move above 0.9950, the greenback's short-term losses relative to the CAD would come to an end.
"USD/CAD still has further room to edge lower, but while 0.9650/0.9700 support holds, the preferred A-B-C wave-count remains intact," they wrote in a research note. "A daily close below 0.9650 would negate this, and suggest scope for fresh cycle lows in USD/CAD. Until this occurs, we continue to see an eventual move back towards 1.0500 in coming months."
The pound sterling was down 0.0110 to 1.2471 against the euro, which was in turn up 0.49 points to 162.71 against the yen.
All data taken at 3:25 p.m. EDT.
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Canadian Dollar Down Against Euro Following FOMC Minutes
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