By FXEmpire.com
Analysis and Recommendations:
The USD/CAD is trading at 1.0013 as the USD continues to completely overpower the CAD.
With the drop in crude oil prices adding the weakness of the CAD, compounded by the drop in gold and all commodity currencies it has been difficult for the Looney to gather any strength.
Canada has had a run of disappointing, negative eco data since late April which continued today, with the CAD trade balance reported well under forecast. Estimates forecast a 1.0b balance and the actual reported was only 0.4b, which is a major surprise, since Canada is a major exporter of crude oil to the US and with high crude prices this should have helped the CAD.
Also in the US today, the weekly unemployment data showed a reduction in first time claims as well as the total unemployed. This numbers are circumspect, as it seems that a lot of the reduction are jobless whose benefits have expired.
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Economic Data for May 10, 2012 actual v. forecast
|
JPY |
Adjusted Current Account |
0.79T |
0.65T |
0.86T |
|
KRW |
South Korean Interest Rate Decision |
3.25% |
3.25% |
3.25% |
|
AUD |
Employment Change |
15.5K |
-5.5K |
44.0K |
|
AUD |
Unemployment Rate |
4.9% |
5.3% |
5.2% |
|
CNY |
Chinese Trade Balance |
18.40B |
8.50B |
5.35B |
|
GBP |
Industrial Production (MoM) |
-0.3% |
-0.3% |
0.4% |
|
GBP |
Manufacturing Production (MoM) |
0.9% |
0.5% |
-1.1% |
|
GBP |
Industrial Production (YoY) |
-2.6% |
-2.6% |
-2.3% |
|
GBP |
Interest Rate Decision |
0.50% |
0.50% |
0.50% |
|
GBP |
BOE QE Total |
325B |
325B |
325B |
|
USD |
Import Price Index (MoM) |
-0.5% |
-0.2% |
1.5% |
|
CAD |
Trade Balance |
0.4B |
1.0B |
0.3B |
|
USD |
Trade Balance |
-51.8B |
-50.0B |
-45.4B |
|
USD |
Initial Jobless Claims |
367K |
369K |
368K |
|
USD |
Continuing Jobless Claims |
3229K |
3278K |
3290K |
|
GBP |
NIESR GDP Estimate |
0.1% |
-0.2% |
|
|
USD |
Federal Budget Balance |
30.0B |
-198.2B |
Upcoming Economic Events that affect the CHF,EUR, GBP and USD
|
May 11 |
00:01 |
GBP |
53 |
|
|
07:00 |
EUR |
0.1% |
0.1% |
|
|
09:30 |
GBP |
-1.0% |
1.9% |
|
|
10:00 |
EUR |
1.20% |
||
|
13:30 |
USD |
0.3% |
||
|
13:30 |
USD |
0.0% |
||
|
14:55 |
USD |
76.4 |
Government Bond Auctions (this week)
Date Time Country
May 11 09:10 Italy BOT auction
May 11 10:00 Belgium
Click here to read USD/CAD Technical Analysis.
Originally posted here
