The Canadian dollar may face increased selling pressures over the next 24 hours of trading as economists forecast employment to fall 35.0K in June, and fears of a protracted economic downturn could weigh on the exchange rate over the near-term as the central bank maintains a dovish outlook for future policy. Trading the News: Canada Net Change in Employment What’s Expected Time of release: 04/09/ 2009 11:00 GMT, 07:00 EST Primary Pair Impact : USDCAD Expected: -35.0K Previous: -41.8K Impact Canada ’s change in employment had over USDCAD for the past 2 months May 2009 Canada Unemployment Rate Employment in Canada plunged 41.8K in May, with the jobless rate rising to an 11-year high of 8.4%, and conditions are likely to get worse as businesses continue to scale back on production and employment following the downturn in global trade.
Euro price action remains choppy; 100-Week SMA key
Dollar/Yen eyes retest of critical trend lows
Cable bearish reversal week could open deeper setbacks
Dollar/Swiss carving out meaningful base
Dollar/Cad gains seen extending to previous support turned resistance
Australian Dollar stalling by longer-term moving average
New Zealand Dollar supported by 10-Week SMA for now
EUR/USD – The market remains locked in a multi-day [...]
Written by Terri Belkas, Currency Strategist
The British pound and commodity dollars all face high event risk from rate decisions by the Bank of England and Reserve Bank of Australian, along with Canadian employment and business activity reports. The US dollar could also feel the impact of the ISM non-manufacturing index, but ultimately, risk trends remain [...]
Trading the News: Reserve Bank of Australia Interest Rate Decision What’s Expected Time of release:?? ??? ? 07/07/2009 04:30 GMT, 00:30 EST Primary Pair Impact :?? ? AUDUSD Expected: ?? ??? ?3.00%??? Previous: ?? ??? ?3.00% Impact the RBA Rate Decision had on AUDUSD over the last 2 months mont hs ? Period Data Released Estimate Actual Pips Change (1 Hour post event ) Pips Change (End of Day post event) June 2009 06/02/2009 09:00 GMT 3.00% 3.00% +10 +116 May 2009 05/05/2009 09:00 GMT 3.00% 3.00% –4 +17 June 2009 RBA Rate Decision The Reserve Bank of Australia kept the benchmark interest unchanged at 3.00% for the second consecutive month in June, but continued to hold a dovish outlook for future policy as price growth falters. The RBA minutes said that the current policy in place ‘would be consistent with fostering sustainable growth and low inflation,’ but continued to see scope for ‘some further easing’ as the outlook for global growth remains weak
Current Yesterday USD 0.26688 0.26813 GBP 0.54750 0.55000 EUR 0.26625 0.27250 JPY 0.12375 0.12625 CHF 0.08667 0.09500 AUD 3.09250 3.10000 CAD 0.19000 0.19500 NZD 2.28750 2.31500
All of the economic data for the week has been released and the final session of trade is expected to be a boring one, with the US holiday weekend kicking off and the equity markets closed. The commodity bloc currencies have outperformed on the lightened session, while Sterling lags