Commodity currencies were the clear winners today, and the Canadian dollar was among them. It was trading on par with its Australian and New Zealand counterparts but gained against major rivals. Market analysts speculated that such behavior was a result of month-end flows, which drove the US dollar down, though the Canadian currency has its own factors to support it.
Statistics Canada reported that gross domestic product increased by 3.0% in July, month-on-month, after increasing by 6.5% in June. The actual growth exceeded the median forecast slightly. Furthermore, the preliminary data showed that GDP increased by 1.0% in August. The third monthly increase in July helped to offset the sharpest drop in March and April, though the economic activity remained about 6% below February’s pre-pandemic level. All 20 industrial sectors experienced growth but expansion was very uneven between different sectors.
Also helping the loonie were crude oil prices, which rose today thanks to the third consecutive weekly drop of US crude oil inventories. The stockpiles decreased by 2 million barrels, whereas analysts had predicted an increase of 1 million barrels. Nevertheless, experts are skeptical about the ability of oil prices to extend rally as demand remains subdued due to the weakness of the global economy and the threat of the second wave of the COVID-19 pandemic.
USD/CAD dropped from 1.3386 to 1.3317 as of 17:18 GMT today. EUR/CAD slumped from 1.5717 to 1.5599. CAD/JPY rallied from 78.90 to 79.25, bouncing from the daily low of 78.57. AUD/CAD was about flat at 0.9543, while its daily maximum was at 0.9582 and the minimum was at 0.9522.
Working from home on Friday, I head into the kitchen mid-morning to grab a cold beverage + snack. The small TV was left on, and I was captivated…
Here’s the Real Reason for Sky-High Home Prices, According to New Research
Workers are seeking more living space and cheaper, warmer cities.
Authored by Sven Henrich via NorthmanTrader.com,
Time to ask a pertinent question at this stage of our macro journey: What if?…
The Fed Has Crossed The “Hard Landing” Rubicon So How High Will It Hike? One Bank Crunches The Numbers
Where to invest if the economy heads for a hard landing
Mapped: The 10 Largest Gold Mines in the World, by Production
$18 For A Michelob Ultra: ‘Beer-Flation’ Hits PGA Championship
Apple Stock Is Still a Buy Despite Slipping Share Price
“80% Chance Of Dread”: Every Time This Happened Before, The Fed Bailed Out The Market
Alphabet Is High-Quality and Still Selling at a Discount
US Recession Risk May Be Rising, But Growth Still Prevails
Economic Optimism Has Collapsed Under Biden: Poll
The “Flash-Crash On Steroids” Scenario
Base Metals19 hours ago
Meet the 2021 Prospect Awards winners: Part one
Financing News22 hours ago
Chakana Announces Private Placement, Gold Fields to Follow Its Participation Rights
Companies8 hours ago
THE MINISTRY OF MINES AND ENERGY OF NAMIBIA FINALLY FILED ITS DEFENSE ON MAY 17, 2022
Financing News23 hours ago
NexGen Files Management Information Circular in Connection with Annual General and Special Meeting of Shareholders
Economics20 hours ago
The 7 Best Meme Coins to Buy for the Second Half of 2022
Economics20 hours ago
Is The Global Debt Bubble About To Burst?
Economics21 hours ago
7 Cheap Biotech Stocks to Buy Now
Economics22 hours ago
Africa Faces New Shock as Conflict Raises Food and Fuel Costs