EUR/USD 1.15686
-0.273%
Gold 4002.51
1.841%
Oil 60.436
0.419%
USD/JPY 154.060
0.874%
GBP/USD 1.31532
-0.314%
GBP/JPY 202.642
0.568%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The German DAX 30 index closed down 7.87 points, or 0.03%, at 24,114.80 on Thursday, October 30; the UK FTSE 100 index closed down 1.29 points, or 0.01%, at 9,754.85 on Thursday, October 30; the French CAC 40 index closed down 43.59 points, or 0.53%, at 8,157.29 on Thursday, October 30; the European S&P 500 index closed down 43.59 points, or 0.53%, at 8,157.29 on Thursday, October 30. The Trafigura 50 index closed down 10.01 points, or 0.18%, at 5695.80 on Thursday, October 30; the Spanish IBEX 35 index closed down 117.50 points, or 0.73%, at 16027.50 on Thursday, October 30; and the Italian FTSE MIB index closed down 49.53 points, or 0.11%, at 43193.00 on Thursday, October 30.October 31st - Despite continued economic uncertainty suppressing buyer demand, U.S. mortgage rates fell for the fourth consecutive week, gradually approaching the 6% mark. Freddie Mac data shows the average 30-year fixed-rate mortgage fell to 6.17%, continuing its decline from the previous weeks 6.19%, maintaining its lowest level since early October 2024. This rate decline followed the Federal Reserves expected 25 basis point rate cut on Wednesday, with Chairman Powell warning investors not to expect further rate cuts this year. Lower borrowing costs and a soaring stock market should have driven a surge in demand, with economists predicting a slight rebound in pending home sales last month. However, actual data has not confirmed this expectation: despite continued inventory increases, sales remain lackluster, with the market constrained by widespread anxiety over tariff policies, job security, and government shutdowns.MetaPlatforms (META.O) bond issuance attracted a record $125 billion in subscription demand.CEO of Gazprom: If we want to conduct M&A activities outside of Italy, we will pay attention to the macroeconomic situation and the regulatory framework.CEO of Gazprom: There are currently no merger and acquisition opportunities in the market that can be implemented immediately.

The USD/CAD exchange rate moves above 1.3560 in advance of US/Canadian employment data, as oil prices consolidate

Alina Haynes

Jan 06, 2023 11:15

 USD:CAD.png

 

In the early Asian session, the USD/CAD pair is bouncing within a narrow range of 1.3560-1.3580. The Canadian dollar has retreated to a sideways pattern following a rise from the psychological support level of 1.3500. After the upbeat United States Automatic Statistics Processing (ADP) Employment Change data prompted a trend of risk aversion, market participants demonstrated higher demand for the US Dollar.

 

Rising expectations of a long-term aggressive monetary policy by the Federal Reserve (Fed) enhanced the appeal of the safe-haven currency, which pushed the US Dollar Index (DXY) to the important resistance level of 105.00. Additionally, it boosted 10-year US Treasury yields above 3.72 percent. In the interim, after a fall on Thursday, demand for S&P500 futures has increased, indicating a minor improvement in investors' risk appetite.

 

Compared to the predicted 150K, the US economy has created 235K jobs for job seekers, according to the US ADP. Stronger labor demand is undoubtedly indicative of a healthy economy, but in times of soaring inflation, it provides the Fed with a solid reason to delay a rate cut in the near future.

 

Investors will keenly examine Friday's release of US Nonfarm Payrolls (NFP) data in order to obtain deeper insight into the status of the US labor market.

 

Likewise, the Canadian Dollar will respond to the release of Employment data. Compared to the earlier estimate of 10k, the net increase in payrolls for December is expected to be 8k. The jobless rate may increase slightly to 5.2%.

 

Before the release of the official US Employment report, the price of oil exhibits rangebound behavior. Since the Covid-19 scenario may reach its culmination more quickly, the black gold may gain strength. Notably, Canada is the United States' leading oil exporter, and higher oil prices strengthen the Canadian Dollar.

Suggestion