By FXEmpire.com
Analysis and Recommendations:
The USD/CAD is trading at 1.0270. The CAD has regained 0.2% of yesterday’s losses; however it is trading close to its weakest point in five sessions. Concerns over the global growth outlook have weighed on both WTI oil, which at $78.50 is at eight month lows and CAD. Yesterday’s tightening of mortgage regulation in Canada is a positive step for the fundamental backdrop; one that diminishes the risk of a more serious housing correction later. In addition, it takes some pressure off the BoC to increase policy rates
Markets are somewhat divided today. European and Asian equities sold off in sympathy to yesterday afternoon’s accelerated sell-off in North American equities. Dow futures, however, are in the black. Currency markets are also embracing risk with most of the major crosses higher against the USD. Sovereign debt markets have Spanish and Portuguese 10s rallying, Italian 10s selling off, and the yield on German 10 year bunds up a point. Treasuries are also gently lower on price.
FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.
Economic Data for June 22, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
EUR |
German Ifo Business Climate Index |
105.3 |
105.9 |
106.9 |
|
|
EUR |
German Current Assessment |
113.9 |
112.3 |
113.2 |
|
|
EUR |
German Business Expectations |
97.3 |
99.8 |
100.8 |
|
|
CAD |
Core CPI (MoM) |
0.2% |
0.3% |
0.4% |
|
|
CAD |
CPI (MoM) |
-0.1% |
0.3% |
0.4% |
|
|
CAD |
CPI (YoY) |
1.2% |
2.0% |
2.0% |
Upcoming Economic Events that affect the CAD and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jun 25 |
14:00 |
USD |
New Home Sales |
343K |
|
Jun 26 |
13:00 |
USD |
S&P/CS Composite-20 HPI y/y |
-2.6% |
|
14:00 |
USD |
CB Consumer Confidence |
64.9 |
|
|
Jun 27 |
12:30 |
USD |
Durable Goods Orders m/m |
0.2% |
|
14:00 |
USD |
Pending Home Sales m/m |
-5.5% |
|
|
14:30 |
USD |
Crude Oil Inventories |
||
|
Jun 28 |
12:30 |
USD |
Unemployment Claims |
|
|
12:30 |
USD |
Final GDP q/q |
1.9% |
|
|
Jun 29 |
12:29 |
CAD |
GDP m/m |
0.1% |
|
12:30 |
CAD |
RMPI m/m |
-2.0% |
|
|
12:30 |
USD |
Core PCE Price Index m/m |
0.1% |
|
|
12:30 |
USD |
Personal Spending m/m |
0.3% |
|
|
13:45 |
USD |
Chicago PMI |
52.7 |
|
|
13:55 |
USD |
Revised UoM Consumer Sentiment |
74.1 |
Upcoming Government Bond Auctions
Date Time Country
Jun 25 09:10 Norway
Jun 25 09:30 Germany
Jun 25 10:00 Belgium
Jun 25 15:30 Italy
Jun 26 00:30 Japan
Jun 26 08:30 Holland
Jun 26 08:30 Spain
Jun 26 09:10 Italy
Jun 26 09:30 UK
Jun 26 14:30 UK
Jun 26 17:00 US
Jun 27 09:10 Italy
Jun 27 09:10 Sweden
Jun 27 17:00 US
Jun 28 09:10 Italy
Jun 28 17:00 US
Click here for further USD/CAD Forecast.
Originally posted here
