After the disappointing U.S. Nonfarm Payrolls for September released on Tuesday, Initial Jobless Claims reached 350,000 this week, after analysts had forecasted 340,000. At present, markets appear to be taking any bad news released in the United States as a cue to drive up equity prices, as the accepted wisdom is that such news pushes back the chance that the Fed will taper its monthly bond buybacks. However, stock market performances over the past week have also been bolstered by positive Q3 earnings for major multinational corporations.
On today’s economic calendar, we are awaiting U.S. Durable Goods Orders and the University of Michigan Consumer Sentiment Index; however these figures will have only a marginal impact on the USDCAD pairing. The loonie will certainly remain under pressure in the coming days, and it is therefore highly recommended for USD sellers to place orders with their trader to take advantage of opportunities that will arise for the greenback. Wishing you a great weekend! Rana Karim
Range of the day: 1.0385-1.0465
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NBC Daily Forex : October 25, 2013
Published 10/27/2013, 07:26 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : October 25, 2013
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