Although the forecast was for calm yesterday, markets saw the USD nosedive. The trend began with the AUD and NZD, on the strength of positive indicators out of China, and spilled over to the euro and GBP in the middle of the day. Shortly afterward, the loonie joined the party and ended the trading day up 100 points vs. its neighbour to the south. The rise in the CAD brings us back to levels seen in late July, and is taking place in a context of very low volume and no sufficiently important news to support it.
Further good news came out of China last night. Industrial Production greatly exceeded expectations, growing 9.7% instead of the predicted 8.9%. It certainly appears the Chinese economy is stabilizing.
Today will include the main event for the week, with Canadian Jobs Figures for July announced at 8:30 this morning. Economists expect an increase of 10,000. Close to 82,000 jobs have been created across Canada since the beginning of the year. With the recent rise in the loonie, the risk exists that a disappointing reading could bring us back to the levels seen two days ago. Have a great weekend! Gardy Pharel
Range of the day: 1.0260-1.0350
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NBC Daily Forex : August 09, 2013
Published 08/11/2013, 04:50 AM
Updated 05/14/2017, 06:45 AM
NBC Daily Forex : August 09, 2013
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