Currency Market Trend Analysis: July 3, 2017

Ryan July 3rd, 2017

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By The Numbers: Your FX Week In Review

Foreign currency value versus USD is decreasing

Foreign currency value versus USD is increasing

*Indicators show the percent change over the past week.

Currency Calendar

Date	Releases / Holiday	Entity
July 3, 2017	BoE Governor Carney’s Speech	UK
July 3, 2017	ISM Prices Paid	USA
July 3, 2017	ISM Manufacturing PMI	USA
July 4, 2017	Inflation Report Hearings	UK
July 4, 2017	Markit Manufacturing PMI	CAD
July 5, 2017	Non-monetary Policy's ECB Meeting	EMU
July 5, 2017	FOMC Minutes	USA
July 6, 2017	ECB Monetary Policy Meeting Accounts	EMU
July 7, 2017	Unemployment Rate	CAD
July 7, 2017	Net Change in Employment	CAD
July 7, 2017	Unemployment Rate	USA
July 7, 2017	BoE Governor Carney’s Speech	UK

Upcoming bank holidays and impactful report releases for select countries.

Market Analysis

CAD/USD - Canadian Dollar

The CAD opened last week at 0.7548 and closed at 0.7703.

The CAD has appreciated 2% against the USD in the last week, as a result of an increase in the price of oil. The unemployment rate and the net change in employment for BoC will be announced on Friday, July 7. Expect a nonvolatile week ahead.

1. Markit Manufacturing PMI: Tuesday July 4.

2. Unemployment Rate: Friday July 7.

3. Net Change In Employment: Friday July 7.

GBP/USD - British Pound

The GBP opened last week at 1.2737 and closed at 1.3004.

The GBP appreciated 2% against the USD last week, following positive comments made by Bank of England Governor, Mark Carney. Although investors reacted positively to his statements, it is possible that the upward trend will eventually stabilize pending the results of the upcoming inflation report hearing on Tuesday, July 4. Expect a bullish week in the future.

1. BoE's Governor Carney Speech: Monday July 3.

2. Inflation Report Hearings: Tuesday July 4.

3. BoE's Governor Carney Speech: Friday July 7.

EUR/USD - European Union Euro

The Euro opened last week at 1.1196 and closed at 1.1423.

The euro has hit a 12-month high against the USD, appreciating by 2%, and is expected to hold steady in the upcoming week. This is primarily due to comments made during a forum hosted by the European Central Bank this past week hinting at an increase in interest rates in the near future. Expect a nonvolatile week going forward.

1. Non-monetary Policy's ECB Meeting: Wednesday July 5.

2. ECB Monetary Policy Meeting Accounts: Thursday July 6.

FX Market Pro

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About the Author

Ryan Graham - AVP of Marketing

Ryan educates corporate clients on foreign currency markets lending industry best practices that enhance client knowledge and create specialized solutions that fit each business. Interested in having a custom international payments strategy or foreign exchange risk plan?

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