Canadian Dollar Rises on Jobs Data, Dollar Soft, Euro Worse
| Action Insight Mid-Day Report 12-1-23 |
Canadian Dollar Rises on Jobs Data, Dollar Soft, Euro Worse |
Canadian Dollar is firming slightly up in early US session, bolstered by stronger-than-expected Canadian job growth data. Despite the weakness in oil prices following disappointment over OPEC's production cut decisions, Loonie is displaying resilience. However, in the weekly performance chart, while Canadian Dollar is outshining Australian Dollar, it still lags behind the New Zealand Dollar (Kiwi). In contrast, Euro is on track to be the week's weakest performer, with fresh selling pressure emerging. There is a potential for extending the selloff in the near term, particularly as EUR/GBP and EUR/AUD break through key near-term support levels. A critical point of focus in the currency markets is whether EUR/USD will manage to defend 1.0851 support level.... |
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3532; (P) 1.3579; (R1) 1.3606; More... Intraday bias in USD/CAD remains on the downside at this point. Current fall from 1.3897 is in progress, and should target 1.3378 support next. On the upside, though, above 1.3625 minor resistance will turn intraday bias neutral again first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:30 | JPY | Unemployment Rate Oct | 2.50% | 2.60% | 2.60% | | 23:50 | JPY | Capital Spending Q3 | 3.40% | 3.40% | 4.50% | | 00:30 | JPY | Manufacturing PMI Nov F | 48.3 | 48.1 | 48.1 | | 01:45 | CNY | Caixin Manufacturing PMI Nov | 50.7 | 49.3 | 49.5 | | 08:00 | CHF | GDP Q/Q Q3 | 0.30% | 0.10% | 0.00% | -0.10% | | 08:30 | CHF | Manufacturing PMI Nov | 42.1 | 42 | 40.6 | | 08:45 | EUR | Italy Manufacturing PMI Nov | 44.4 | 45.5 | 44.9 | | 08:50 | EUR | France Manufacturing PMI Nov F | 42.9 | 42.6 | 42.6 | | 08:55 | EUR | Germany Manufacturing PMI Nov F | 42.6 | 42.3 | 42.3 | | 09:00 | EUR | Manufacturing PMI Nov F | 44.2 | 43.8 | 43.8 | | 09:30 | GBP | Manufacturing PMI Nov F | 47.2 | 46.7 | 46.7 | | 13:30 | CAD | Net Change in Employment Nov | 24.9K | 14.2K | 17.5K | | 13:30 | CAD | Unemployment Rate Nov | 5.80% | 5.80% | 5.70% | | 14:30 | CAD | Manufacturing PMI Nov | 48.6 | | 14:45 | USD | Manufacturing PMI Nov F | 49.4 | 49.4 | | 15:00 | USD | ISM Manufacturing PMI Nov | 47.7 | 46.7 | | 15:00 | USD | ISM Manufacturing Prices Paid Nov | 46.2 | 45.1 | | 15:00 | USD | ISM Manufacturing Employment Index Nov | 46.8 | | 15:00 | USD | Construction Spending M/M Oct | 0.40% | 0.40% |
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