USD/CAD Fundamental Analysis September 14, 2012, Forecast

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Analysis and Recommendations:

The USD/CAD is starting off the day at 0.9770 with the greenback adding a few cents in early trade. There is no reason for the current weakness in the CAD, especially with oil prices moving up and the Dollar Index declining. Prices have been holding steady all night ahead of the Fed statement.

CAD underperformed for two reasons: 1) it had moved beyond fundamentals and used yesterday to retrace; 2) activity in EURCAD also pressured CAD. Today the focus is the FOMC, with domestic data releases of capacity utilization and new housing expected to have no market impact

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data September 13, 2012 actual v. forecast

Date

 

 

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Sep. 13

 

KRW

 

 

South Korean Interest Rate Decision 

3.00%

 

2.75% 

 

3.00% 

 

 

 

 

CHF

 

 

PPI (MoM) 

0.5%

 

-0.4% 

 

-0.3% 

 

 

 

 

CHF

 

 

Interest Rate Decision 

0.00%

 

0.00% 

 

0.00% 

 

 

 

 

EUR

 

 

ECB Monthly Report 

 

 

 

 

 

 

 

 

 

USD

 

 

Core PPI (MoM) 

 

 

0.2% 

 

0.4% 

 

 

 

 

USD

 

 

PPI (MoM) 

 

 

1.1% 

 

0.3% 

 

 

 

 

USD

 

 

Initial Jobless Claims 

 

 

370K 

 

365K 

 

 

 

 

USD

 

 

Continuing Jobless Claims 

 

 

3318K 

 

3322K 

 

 

 

 

USD

 

 

PPI (YoY) 

 

 

1.4% 

 

0.5% 

 

 

 

 

USD

 

 

Core PPI (YoY) 

 

 

2.6% 

 

2.5% 

 

 

 

 

USD

 

 

Interest Rate Decision 

 

 

0.25% 

 

0.25% 

   

 

Upcoming Economic Events that affect the CAD and USD

 Sep. 14

13:30

USD

Core CPI (MoM) 

0.2% 

0.1% 

 

13:30

USD

Core Retail Sales (MoM) 

0.6% 

0.8% 

 

13:30

USD

CPI (MoM) 

0.5% 

0.0% 

 

13:30

CAD

Manufacturing Sales (MoM) 

1.00% 

-0.40% 

 

13:30

USD

Retail Sales (MoM) 

0.7% 

0.8% 

 

14:15

USD

Industrial Production (MoM) 

0.2% 

0.6% 

 

14:55

USD

Michigan Consumer Sentiment 

74.1 

74.3 

Government Bond Auction

Date Time Country 

Sep 14 10:00 Belgium

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About: FX Empire Analyst - Barry Norman

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