Currency Market Trend Analysis: July 10, 2017
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By The Numbers: Your FX Week In Review
Currency Calendar
Date | Releases / Holiday | Entity |
---|---|---|
July 10, 2017 | Sentix Investor Confidence (Jul) | EMU |
July 10, 2017 | Labor Market Conditions Index (Jun) | USA |
July 12, 2017 | Unemployment Reports | UK |
July 12, 2017 | FED’s Yelen Speech | USA |
July 12, 2017 | BoC Monetary Policy Report | Canada |
July 12, 2017 | BoC Interest Rate Decision | Canada |
July 12, 2017 | Beige Book | USA |
July 13, 2017 | CPI (Jun) | Germany |
July 13, 2017 | CPI (Jun) | France |
July 13, 2017 | FED’s Yelen Speech | USA |
July 13, 2017 | New Housing Price Index (May) | Canada |
July 14, 2017 | CPI Reports | USA |
Upcoming bank holidays and impactful report releases for select countries.
Market Analysis
CAD/USD - Canadian Dollar
The CAD opened last week at 0.7714 and closed at 0.7769.
The CAD appreciated by 0.71% against the USD last week, in the wake of lowered unemployment and better-than-expected job growth. Adjusting for population, Canada’s job growth has been about 1/3 faster than that of the US over the past year. It is expected that the BoC will announce a 25bp rate hike on Wednesday. This hike has been largely priced into the market – expect the CAD to hold fairly steady over the next week, with slight appreciation a possibility.
1. BoC Monetary Policy Report: Wednesday July 12.
2. BoC Interest Rate Decision: Wednesday July 12.
3. New Housing Price Index (May): Thursday July 13.
GBP/USD - British Pound
The GBP opened last week at 1.3027 and closed at 1.2879.
The GBP depreciated 1.14% against the USD over the past week. This depreciation was led by continuing Brexit and election-related concerns, as well as poor PMI data.
The unemployment reports due in on Wednesday are expected to be lackluster, with job gains steady, but low wage growth. Further depreciation is a strong possibility.
1. Unemployment Reports: Wednesday July 12.
EUR/USD - European Union Euro
The Euro opened last week at 1.1425 and closed at 1.1396.
Over the past week, the Euro has depreciated by 0.25% against the USD, following the release of the Eurozone Sentix Investor Confidence data. This is a fairly data-light week for the Euro – rates should be holding steady.
1. Sentix Investor Confidence: Monday July 10.
2. CPI (Germany, Jun): Thursday July 13.
3. CPI (France, Jun): Thursday July 13.
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