FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

FX Blog

Daily Market Updates & FX News

The Loonie is down today after a surprise miss in employment growth. The Canadian economy lost 1.8k jobs against economist expectations of a 17.7k gain. Notable changes were losses in self-employment and construction while the public sector gained. The unemployment rate was unchanged at 5.5%. In other data, both housing starts and building permits also missed consensus expectations. Downward employment trends and further weak data may put the Bank of Canada on a path to loosen monetary policy (rate cuts).

The USD is trading sideways. The University of Michigan consumer sentiment missed expectation at 95.7 versus 96 but did rise from the previous month 95.5.  Wholesale inventories was also better than expected at -0.4% versus -0.3%. Federal Reserve member Brainard will be speaking later in the day. US CPI will be released Wednesday along with Fed Chair Powell testifying in Washington.

The Euro is down slightly as French economic data was disappointing. Industrial production grew by 0.3% versus the 0.4% expected and the trade deteriorated to -5.6B versus a -4.9B consensus and a -5.4B previous number. ECOFIN meetings are ongoing through the day.

Equities are split in North America this morning: the Dow down 0.15%, the S&P down 0.12%, the NASDAQ down 0.06%, and the TSX up 0.12%.  Crude Oil is down 2.13% this morning (55.93) while Gold is down 0.19% ($1,465.76).

Olympia Trust Foreign Exchange