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USD / CAD - Canadian dollar looking shaky

Published 2024-09-10, 07:26 a/m
© Reuters.  USD / CAD - Canadian dollar looking shaky
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Baystreet.ca - - China trade surplus soars on export increase.

- UK employment numbers support GBPUSD

- US dollar trading sideways with slight bid.

USDCAD: open 1.3569, overnight range 1.3556-1.3579, close 1.3558, WTI $67.77, Gold, $2506.06

The Canadian dollar traded quietly and in a narrow range overnight and that is not likely to change today. The US and Canadian economic data calendars are empty, and markets are directionless ahead of the next catalyst. That could be tonight due to the US presidential debate between Donald Trump and Vice President Kamala Harris.

The release of August inflation numbers for the US is not the major event that it used to be. Fed Chair Powell appears far less concerned about inflation than he is with employment, so even a small uptick in Core-CPI should not derail expectations for a series of rate cuts.

Wall Street closed on a firm footing, but Asian equity markets closed on a mixed note. Japan’s Nikkei 225 index lost 0.165%, while Australia’s ASX gained 0.30%. European bourses are also mixed. The UK FTSE 100 is down 0.55%, while the French CAC 40 index has gained 0.20%. S&P 500 futures are flat.

EURUSD stayed within a narrow range of 1.1028-1.1050, showing little movement. While German inflation figures met expectations, traders are primarily focusing on Thursday’s upcoming ECB meeting. With a 25 bp rate cut already factored in, future direction will largely depend on the ECB's forward guidance.

GBPUSD saw positive trading, moving between 1.3058 and 1.3108, boosted by a better-than-expected unemployment report. UK unemployment fell slightly to 4.1% from 4.2%, with job growth rising to 265,000 compared to the previous 115,000.

USDJPY fluctuated between 142.86 and 143.71, with support coming from expectations that the Bank of Japan will maintain current interest rates at next week’s meeting.

AUDUSD moved sideways, trading between 0.6644 and 0.6673. The drop in the Westpac Consumer Sentiment Index, which fell to 84.6 from 85.0, had minimal impact, although it added to signs of weakness in the domestic economy.

This content was originally published on Baystreet.ca

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