Canadian Employment Report Exceeds Expectation, USDCAD Dives Post Release

Canadian Employment Report Exceeds Expectation, USDCAD Dives Post Release

By: Darryl Frankfort | Where To Trade | On:10-10-2014 11:53
Back

Key Highlights

  • Canadian employment data released impressed the market, as the unemployment rate falls to 6.8% and employment change came in at 74.1K.
  • French industrial production data released by INSEE exceeded the market’s expectation and registered no change in August, compared to the forecast of 0.2% decline.
  • Italian industrial production data released by the National Institute of Statistics missed the market’s expectation and registered an increase of 0.3% in August, compared to the forecast of 0.5% rise.
  • UK trade balance came in better than expected as there was a deficit of £9.1 billion on goods in August 2014, compared with the market forecast of £9.6 billion.
  • GBPUSD buyers did not like the outcome as the pair dived post the release and traded close to the 1.6040 level.

 

Canadian Employment Report

Earlier during the start of the NY session, the Canadian employment change, participation rate and the unemployment rate data were released by the Statistics Canada. The market was expecting a rise in employment change to 20K, up from the previous decline of 11K. So, the employment increased by 74,000 in September 2014, compared to a decline last time. The highlight was the unemployment rate, as the Canadian unemployment rate declined by 0.2% from 7.0% to 6.8%. This was also on the impressive side.

The Canadian dollar surged higher immediately after the release. The USDCAD pair dived and traded close to the 1.1150 level. The pair found buyers around the mentioned area, but there is no denial that it might continue trading lower in the coming days. The employment data might push the Canadian dollar higher moving ahead.

 

UK Trade Balance

There was an important release lined up in the UK by the National Statistics i.e. the UK trade balance data for August 2014. The market was expecting a deficit of £9.6 billion on goods in August 2014. However, the outcome was a touch better, as the UK trade deficit was of £9.1 billion on goods. The report stated that the trade in goods deficit narrowed by £1.3 billion compared with July 2014. If we compare with the previous month, then the exports of goods decreased by £0.7 billion to £23.2 billion. Moreover, the imports of goods decreased by £2.0 billion to £32.3 billion.

Where To Trade - UK TB - 10-10-2014

The GBPUSD pair fell sharply after the release. It might be that the British pound buyers were expecting a bit more. The GBPUSD dived and broke an important support area of 1.6080 to trade close to the 1.6040 level. This break was very critical and suggests that sellers are here to stay, and the recent move higher was only a part of retracement.

There were a couple of low-risk events lined up in the Euro zone as well, including the French and Italian industrial production data. The outcome was mixed, but there was nothing which would have encouraged the Euro buyers. The EURUSD pair was also seen trading lower during the London session. EURUSD has a major support around the 1.2620 level, and resistance ahead at 1.2720.

 

EURUSD Slow and Steady Uptrend

EURUSD Slow and Steady Uptrend

By: Ben Myers | Where To Trade | On:02-05-2015 11:21

Euro traded higher versus the US Dollar Intraday, and registered a new weekly high as buyers were optimistic after a report which points that better growth is possible in the Euro Area.

Euro Above 1.1200 And Looks Set For More Gains

Euro Above 1.1200 And Looks Set For More Gains

By: Simon Furman | Where To Trade | On:30-04-2015 11:11

Euro continued to gain momentum against the US dollar as the latter one weakened recently, which means there is more room for gains in the EURUSD pair.

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

EURUSD Moved Above 1.1000, Eyes a Test of 1.1040

By: Oliver Miller | Where To Trade | On:29-04-2015 11:06

UK Nationwide Housing Prices highlighting the value of the houses prices in UK and indicate current movements in the housing market posted an increase of 1% in April, compared to the preceding month.

EURUSD Looks Set To Break 1.0920

EURUSD Looks Set To Break 1.0920

By: Darryl Frankfort | Where To Trade | On:28-04-2015 10:53

Euro managed to gain bids during the London session against the US dollar, and it looks like the pair might break the recent high of 1.0920 to trade close to the 1.0950 level.

FX Market Continues To Consolidate Post Dollar Losses

FX Market Continues To Consolidate Post Dollar Losses

By: James Ansher | Where To Trade | On:27-04-2015 10:46

US dollar continued to weaken against a few currencies and managed to recover some ground against currencies like the Euro and the British Pound

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings