News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MegXLHg0tp
  • Canadian #Dollar Outlook: $USDCAD BoC Breakdown– #Loonie Levels - https://t.co/3SVBLyMZTI https://t.co/9SzmpyXplC
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 1.39% Wall Street: 0.76% FTSE 100: 0.18% Germany 30: 0.15% France 40: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zBiMtLXZXw
  • US indices remain up following Biden's inauguration, with the S&P and Nasdaq hitting fresh all time highs today. DOW +0.76% NDX +1.83% SPX +1.33% RUT +0.12% $DOW $QQQ $SPY $IWM
  • USD/CAD falls to session lows as Loonie gains immediately after the BoC rate decision. Get your $USDCAD market update from @RichDvorakFX here:https://t.co/4s6kKsljCm https://t.co/FTdgwIL8cF
  • $EURJPY is trading below 125.50 today after attempting to stage a recovery yesterday. The pair had climbed back above 126.00 yesterday after falling to around 125.10, its lowest level since early December, during Monday trading. $EUR $JPY https://t.co/4mWhO9rIzA
  • US Senator Romney: Not looking for new stimulus in the immediate future. $SPY $USD
  • Mexican #Peso Outlook: $USDMXN Breakdown to Nine-month Lows - https://t.co/UTCfdRYIwU https://t.co/tS0ywWWKcA
  • BoE Governor Bailey: - Transmission of policy at zero or negative rates is much less clear - Evidence suggests impact of negative rates isn't straightforward but they can work - Sensible to have negative rates in the toolbox $GBP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 64.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8fbdMWLAOt
Forex:U.S. December Trade Deficit Narrowed; USDCAD Bullish

Forex:U.S. December Trade Deficit Narrowed; USDCAD Bullish

Renee Mu, Currency Analyst

THE TAKEAWAY: [U.S. trade deficit narrowed more than forecast in December; Canada’s employment fell for the first time in 6 months] > [ US exports of petroleum hit the record high;Jobs declined in manufacturing and education in Canada] > [USD/CAD Bullish]

The U.S. Department of Commerce issued a report this morning revealing that the U.S. trade deficit narrowed more than forecast in December, as sales of petroleum to overseas jumped to the highest level on record. The trade deficit shrank by 20.7 percent to $38.5 billion in December, lower than the consensus projection surveyed by Bloomberg News. 73 economists had called for a decrease in the trade deficit to $46.0 billion. November’s balance was revised downwards to a deficit of $48.6 billion from $48.7 billion initially reported.

Imports advanced to $2.74 trillion by 2.7 percent in December, while exports climbed to a record $2.2 trillion by 4.4 percent. The surge in the value of trade balance resulted from the increasing overseas demand for fuel and the fewest purchases of imported crude since August 2009.Today’s figures provide an improved outlook for the region as business confidence is likely to continue in the following periods.

Another report released today shows that Canadian employment dropped for the first in six months in January as hiring in manufacturing and education declined. According to Statistics Canada, the employment fell by 21,900 in January following a gain of 31,200 jobs in December. The median forecast surveyed by Bloomberg News had projected a rise of 5,000 new jobs. As the same time, Canada’s jobless rate fell to 7.0 percent from 7.1 percent. Job decline was led by losses in education and manufacturing sectors dropping by 30,900 and 21,600 separately. Also, the Federal government has been reducing its workforce due to budget constraints.

USD/CAD 1-minute Chart: February 8, 2013

Forex_US_December_Trade_Deficit_Narrowed_USDCAD_Bullish_body_Picture_1.png, Forex:U.S. December Trade Deficit Narrowed; USDCAD Bullish

Chart created using Market Scope – Prepared by Renee Mu

Following the data release, the US dollar jumped against its Canadian peer. As can be seen from the one-minute chart above, the USDCAD pair rallied to C$1.0022 from 1.0004. At the time of this report, USDCAD was trading higher at C$1.0025.

--- Written by Renee Mu DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES