The Reserve Bank of Australia spent a record-breaking 3.15 billion to intervene in the forex market and support the value of its currency. Japanese exports dropped by the largest amount in nearly seven years, pushing the Trade Balance into deficit. Switzerland’s Trade Balance could surprise to the upside if imports follow the sharp uptick in October’s retail sales.
U.K. retail sales are expected to have declined for the second month in a row in October. Economists are predicting that consumer consumption drop 0.9% following a 0.4% decline the month prior.
Falling oil prices paired with increased demands for the U.S. dollar continues to favor a bullish outlook for the USDCAD, and we may see the pair work its way back to the October highs over the near-term.
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