By FXEmpire.com
Analysis and Recommendations:
The USD/CAD is trading at 1.0235 climbing today. The day offered negative data both in the US and Canada. In the US the weekly unemployment numbers continued to grow, showing additional new claims and continuing claims, slightly below forecast. In Canada Retail Sales reported well below forecast.
The US dollar gained against most of its trading partners, as investors were disappointed over the assistance offered by the US Fed yesterday, along with the revision downward in growth forecast.
China’s manufacturing sector continues to contract according to the preliminary private sector version of a purchasing managers’ index. The last state PMI for May showed a slip down to the dividing line between expansion and contraction. The deterioration in the soft PMI data has been confirmed by the sharp slippage in hard industrial production figures for China. In year-over-year terms, growth in industrial production has waned from around the 14% mark of a year ago to under 10% today and is likely slipping.
This prompted a fall in crude oil, to see it dip below 80.00 which is a negative for the CAD.
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 Releases for June 21, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jun. 21 |
CNY |
Chinese HSBC Manufacturing PMI |
48.10 |
48.40 |
|
|
EUR |
French Manufacturing PMI |
45.3 |
44.5 |
44.7 |
|
|
EUR |
German Manufacturing PMI |
44.7 |
45.2 |
45.2 |
|
|
EUR |
Manufacturing PMI |
44.8 |
44.9 |
45.1 |
|
|
GBP |
Retail Sales (MoM) |
1.4% |
1.2% |
-2.4% |
|
|
GBP |
Retail Sales (YoY) |
2.4% |
2.0% |
-1.1% |
|
|
GBP |
CBI Industrial Trends Orders |
-11 |
-20 |
-17 |
|
|
CAD |
Core Retail Sales (MoM) |
-0.3% |
0.2% |
0.3% |
|
|
CAD |
Retail Sales (MoM) |
-0.5% |
0.3% |
0.4% |
|
|
USD |
Initial Jobless Claims |
387K |
380K |
389K |
|
|
USD |
Continuing Jobless Claims |
3299K |
3275K |
3299K |
Upcoming Economic Events that affect the CAD and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jun 22 |
12:30 |
CAD |
0.4% |
Upcoming Government Bond Auctions
Date Time Country
Jun 22 15:30 Italy
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
Click here a current USD/CAD Chart.
Originally posted here
