By FXEmpire.com
Analysis and Recommendations:
The USD/CAD are trading at 0.9971 as the USD powered up in today’s session as investors prepared for Tuesday’s FOMC meeting. With hopes of monetary easing the USD has been gaining strength against most of its partners.
Canada wholesale sales for February will be released today above forecast, and markets are anticipating contraction of -0.2% of GDP after weak -1% reading in March. Wholesale trade accounted for roughly 5.5% of GDP in January 2012, so marginal changes in the extent of wholesale trade will not materially impact Canada monthly GDP, which is due for release next week. Although this was a fairly large difference and could affect the GDP
Economic Data for April 23, 2012 actual v. forecast
|
AUD |
PPI (QoQ) |
-0.3% |
0.4% |
0.3% |
|
CNY |
Chinese HSBC Manufacturing PMI |
49.10 |
48.30 |
|
|
EUR |
French Business Survey |
95 |
96 |
98 |
|
EUR |
French Manufacturing PMI |
47.3 |
47.2 |
46.7 |
|
EUR |
French Services PMI |
46.4 |
50.2 |
50.1 |
|
EUR |
German Manufacturing PMI |
46.3 |
49.0 |
48.4 |
|
EUR |
German Services PMI |
52.6 |
52.3 |
52.1 |
|
EUR |
Manufacturing PMI |
46.0 |
48.2 |
47.7 |
|
EUR |
Services PMI |
47.9 |
49.4 |
49.2 |
|
EUR |
Italian Consumer Confidence |
89.0 |
96.5 |
96.3 |
|
TWD |
Taiwanese Industrial Production (YoY) |
-3.4% |
-6.8% |
8.4% |
|
EUR |
German 12-Month Bubill Auction |
0.074% |
0.077% |
|
|
Wholesale Sales (MoM) |
1.6% |
-1.0% |
-1.1% |
|
|
EUR |
French 3-Month BTF Auction |
0.090% |
0.084% |
|
|
EUR |
French 6-Month BTF Auction |
0.121% |
0.119% |
|
|
EUR |
French 12-Month BTF Auction |
0.250% |
0.249% |
|
|
MXN |
Mexican Retail Sales (YoY) |
7.6% |
5.0% |
4.4% |
Economic Events scheduled for April 24, 2012 that affect the Canadian and American Markets
13:30 CAD Core Retail Sales (MoM) 1.0% -0.5%
Core Retail Sales measures the change in the total value of sales at the retail level in Canada, excluding automobiles. It is an important indicator of consumer spending and is also considered a pace indicator for the Canadian economy.
13:30 CAD Retail Sales (MoM) 0.5%
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
A higher than expected reading should be taken as positive/bullish for the CAD, while a lower than expected reading should be taken as negative/bearish for the CAD.
15:00 USD CB Consumer Confidence 70.3 70.8
Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.
15:00 USD New Home Sales 320K 313K
New Home Sales measures the annualized number of new single-family homes that were sold during the previous month. This report tends to have more impact when it’s released ahead of Existing Home Sales because the reports are tightly correlated
Click here a current USD/CAD Chart.
Originally posted here
