The USD/CAD soared 49 point to 1.3205 as oil prices tumbled gold eased and the greenback soared. The ICE U.S. Dollar index, a measure of the greenback’s strength against a basket of six rival currencies, was flat at 95.480.
Many are now looking ahead to meetings of the Federal Reserve and Bank of Japan next week. While the Fed is widely expected to keep interest rates steady, media reports have speculated that the BOJ might take action, including possibly cutting interest rates further into negative territory.
Canada’s biggest stock market tumbled more than 200 points, while the loonie also took a beating as falling oil prices piled on downward pressure. One helpful component of the Canadian Economy has been their exposure to Emerging Markets and how exports were expected to help Canada come out of its economic slump that is shown through the Citi Economic Surprise Index for Canada that is showing its worst rating since January when USD/CAD was trading in the mid-1.4000s.
FxEmpire provides a wide variety of analysis on a daily, weekly and monthly basis ranging from our exceptional technical analysis as well as our in-depth fundamental analysis along with our daily news and market updates. To get the best understanding of each asset it is important to review the short term daily analysis with the longer term monthly reports. To get email notification when each of these are posted please sign up for our daily newsletter.
Upcoming Economic Events that you should be monitoring:
September 19, 2016
|Holiday||Japan – Respect for the Aged Day|
|NZD||Westpac Consumer Sentiment||106.0|
Government Bond Auctions
Date Time Country Auction
Sep 19 11:00 Belgium Holds OLO auction
Sep 20 11:30 UK Jul 2047 Gilt
Sep 21 10:30 Denmark Holds bond auction
Sep 21 11:03 Sweden Holds bond auction
Sep 21 11:30 Germany Eur 4bn 0% Oct 2021 Bobl
Sep 22 17:20 Italy Announces details of bond auction