By FXEmpire.com
Analysis and Recommendations:
The USD/CAD continued to gain, at midsession today the pair were trading at 0.9839. The greenback was able to muster strength against all of its trading partners, as investors became fixated on monetary accommodations from the Fed and also a positive ISM Manufacturing Index, helped drive the dollar.
Most markets were closed today for the May Day holiday so trading was light. There is little in the way of eco support to the CAD this week and the C dollar is still recovering from last week’s totally disappointing GDP numbers.
Economic Reports for May 1, 2012 actual v. forecast
|
KRW |
South Korean CPI (YoY) |
2.5% |
2.8% |
2.6% |
|
KRW |
South Korean CPI (MoM) |
0.0% |
0.3% |
-0.1% |
|
CNY |
Chinese Manufacturing PMI |
53.30 |
53.60 |
53.10 |
|
AUD |
House Price Index (QoQ) |
-1.10% |
-0.50% |
-0.70% |
|
AUD |
Interest Rate Decision |
3.75% |
4.00% |
4.25% |
|
AUD |
RBA Rate Statement |
|||
|
INR |
Indian Trade Balance |
-13.9B |
-13.9B |
-15.2B |
|
DKK |
Danish Retail Sales (YoY) |
1.2% |
-0.2% |
-0.2% |
|
GBP |
Manufacturing PMI |
50.5 |
51.4 |
51.9 |
|
USD |
ISM Manufacturing Index |
54.8 |
53.0 |
53.4 |
Economic Events for May 2, 2012 for the European and US Markets
07:15 CHF Real Retail Sales
The Retail Sales is conducted by the Swiss Federal Statistical Office. The retail sales are a survey of goods sold in the last month and serves as an indicator of the Swiss consumer demand. The figure here is real, not nominal, and non-seasonally adjusted. Generally, an increase in this figure is bullish for the CHF while a decrease is bearish.
07:30 CHF SVME – Purchasing Managers’ Index
The SVME Manufacturing Purchasing Managers Index (PMI) released by the Credit Suisse captures business conditions in the manufacturing sector. The Manufacturing PMI is an important indicator of production growth in Switzerland. A result that values above 50 signals appreciates (or is bullish for) the CHF, whereas a result that values below 50 is seen as negative (or bearish).
12:15 USD ADP Employment Change
The Employment Change released by the Automatic Data Processing, Inc is a measure of the change in the number of employed people in the US Generally speaking; a rise in this indicator has positive implications for consumer spending which stimulates economic growth.
14:00 USD Factory Orders
The Factory orders released by the US Census Bureau is a measure of the total orders of durable and non durable goods such as shipments (sales), inventories and orders at the manufacturing level which can offer insight into inflation and growth in the manufacturing sector.
Government Bond Auctions (this week)
Date Time Country
May 02 09:10 Sweden
May 02 09:30 Portugal
May 02 13:00 US
May 03 08:30 Spain
May 03 08:50 France
May 03 09:10 Sweden
May 03 09:30 UK
May 08 09:15 Austria
May 08 09:30 Belgium
May 08 14:30 UK
May 08 15:30 Italy
May 08 17:00 US
May 09 09:10 Sweden
May 09 09:30 Germany
May 09 09:30 Swiss
May 09 09:30 UK
May 09 14:30 Sweden
May 09 15:30 Italy
May 09 17:00 US
May 10 15:00 US
May 10 17:00 US
May 11 09:10 Italy BOT auction
May 11 10:00 Belgium
Click here for updated USD/CAD News.
Originally posted here
