Canadian Dollar Plunges Post Awful Retail Sales

Canadian Dollar Plunges Post Awful Retail Sales

By: Oliver Miller | Where To Trade | On:23-09-2014 13:47
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Key Highlights

  • Canadian retail sales dropped by 0.1% in July 2014, down from the previous gain of 1.2%.
  • Canadian core retail sales also declined by 0.6% in July 2014, down from the previous gain of 1.5%.
  • Euro zone services and manufacturing PMI were not impressive, but somehow managed to gain attention of the Euro buyers.
  • German services PMI registered an impressive reading as it climbed from 54.9 to 55.4.
  • EURUSD pair was seen trading higher during the London session, as the Euro buyers were put to a test.

Canadian Retail Sales

The Canadian retail sales figures were released by the Statistics Canada about an hour ago. The market was expecting the Canadian retail sales to register a gain of 0.5% in July, 2014, compared to the last month’s gain of 1.2%. The outcome was not as expected, as the Canadian retail sales registered a decline of 0.1% to $42.5 billion. This was the first decline in the last six months, according to the report published. Moreover, the core retail sales (ex Autos) declined by 0.6%. The report highlighted that the retail sales were down in four provinces in July.

The reaction from the Canadian dollar was obvious, as the USDCAD pair jumped higher immediately after the release. The pair traded as high as 1.1039 before finding a few sellers around the mentioned level. The pair traded lower before the release, and tested the 1.0980 support area. This particular release might cause more downside in the pair in the coming sessions.

The decline in the Canadian dollar ignited down moves in the AUDUSD and NZDUSD pairs as well. The NZDUSD pair created a new monthly low after the release.

Euro Zone Manufacturing PMI

There were a couple of economic releases during the London session, including the Euro zone manufacturing and services PMI. The outcome was not encouraging, as the Euro zone services PMI fell from 53.1 to 52.8, and the manufacturing PMI remained flat at 50.5. The Euro buyers somehow liked the end result, and the EURUSD pair was seen trading higher above the 1.2850 resistance zone.

Moreover, the German manufacturing and services PMI’s were also released by the Markit Economics. The outcome was mixed, as the services PMI registered a rise and manufacturing a decline.

US Manufacturing PMI

There was one important release in the US during the start of the NY session. The US manufacturing PMI was released by the Markit Economics. The forecast was slated for a rise from 57.9 to 58.0, but the outcome was flat at 57.9. However, the US dollar buyers were unfazed, as it was seen trading higher against the Euro, the British pound and the Aussie dollar.

The USDJPY pair surged higher during the NY session and climbed back towards the 108.80 level after trading as low as 108.30. There is a major resistance around the 108.80-109.00 levels, so if the pair manages to clear it, then a move towards the recent high of 109.45 is possible in the near term.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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