Canadian CPI Boosts Loonie, Yet Overshadowed by Sterling's Strength
Action Insight Daily Report 12-19-23 |
Canadian CPI Boosts Loonie, Yet Overshadowed by Sterling's Strength |
Canadian Dollar jumps against US Dollar in early US session. The move is primarily attributed to Canada's CPI data, which came in stronger than anticipated, signaling persistent inflationary pressures. Despite this uptick, CAD is not leading the pack, as it faces stiff competition from others, including the buoyant Sterling. Pound's significant rise can be traced back to hawkish statements made by the new deputy governor of BoE. These comments have infused upward momentum into the currency, leading to its appreciation not just against Euro and Swiss Franc as well. Concurrently, Japanese Yen's selloff intensified following BoJ Governor Kazuo Ueda's post-meeting press conference, which reaffirmed the central bank's dovish stance, and lacked any indications of a shift towards exit of ultra-loose monetary policy. Dollar finds itself as the second-worst performer, succumbing to a wave of selling pressure across various fronts. While Euro has managed to gain against the weaker Yen and Dollar, it still ranks as the third-worst performer of the day... |
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3363; (P) 1.3386; (R1) 1.3422; More... USD/CAD's decline is resuming by breaking 1.3348 temporary low. Intraday bias is back on the downside. Sustained trading below 1.3378 will extend the fall from 1.3897 to retest 1.3091 support next. On the upside above 1.3408 minor resistance will turn intraday bias neutral again. But risk will stay on the downside as long as 1.3479 support turned resistance holds. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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21:45 | NZD | Trade Balance (NZD) Nov | -1234M | -1200M | -1709M | -1730M | 00:00 | NZD | ANZ Business Confidence Dec | 33.2 | 30.8 | 00:30 | AUD | RBA Meeting Minutes | 02:49 | JPY | BoJ Interest Rate Decision | -0.10% | -0.10% | -0.10% | 07:00 | CHF | Trade Balance (CHF) Nov | 3.71B | 3.50B | 4.60B | 4.71B | 10:00 | EUR | Eurozone CPI Y/Y Nov F | 2.40% | 2.40% | 2.40% | 10:00 | EUR | Eurozone CPI Core Y/Y Nov F | 3.60% | 3.60% | 3.60% | 13:30 | USD | Housing Starts Nov | 1.56M | 1.360M | 1.372M | 1.36M | 13:30 | USD | Building Permits Nov | 1.46M | 1.470M | 1.498M | 1.50M | 13:30 | CAD | Industrial Product Price M/M Nov | -0.40% | -0.70% | -1.00% | -0.90% | 13:30 | CAD | Raw Material Price Index Nov | -4.20% | -3.50% | -2.50% | -2.60% | 13:30 | CAD | CPI M/M Nov | 0.10% | -0.10% | 0.10% | 13:30 | CAD | CPI Y/Y Nov | 3.10% | 2.90% | 3.10% | 13:30 | CAD | CPI Median Y/Y Nov | 3.40% | 3.30% | 3.60% | 3.40% | 13:30 | CAD | CPI Trimmed Y/Y Nov | 3.50% | 3.40% | 3.50% | 13:30 | CAD | CPI Common Y/Y Nov | 3.90% | 4.00% | 4.20% |
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