The USD/CAD saw the Loonie skyrocket this week supported by higher oil prices and soaring gold futures. The CAD closed the week at 1.2555 dipping almost
The USD/CAD saw the Loonie skyrocket this week supported by higher oil prices and soaring gold futures. The CAD closed the week at 1.2555 dipping almost 1% as the greenback dipped on weak GDP data as well as the directionless FOMC statement. Recapping the month, it’s been the miners that have shone as commodity prices appear to be moving away from the dark days seen at the start of the year and some stability is returning to the market. Anglo American is up 40% on the month, whilst a number of the sector peers have added 15%-20% too. The index may be comprehensively off the highs we touched just 10 days ago, but without the boost from commodity stocks, the picture for April would have looked a whole lot bleaker.
Oil prices are on track for their biggest monthly gain in seven years, helped by a weaker dollar and signs of a dip in US production. The increase also came despite Opec’s inability to agree a cap on output at January’s levels to tackle the current supply glut.
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 recent analysis and information in our weekly reports and we provide daily updates and outlooks.
Major Economic Events for the week:
Time | Cur. | Event | Actual | Forecast | Previous | |||
Sunday, May 1, 2016 | ||||||||
CNY | Manufacturing PMI (Apr) | 50.4 | 50.2 | |||||
Monday, May 2, 2016 | ||||||||
United Kingdom – Early May Bank Holiday | ||||||||
China – Labor Day | ||||||||
CNY | Caixin Manufacturing PMI (Apr) | 49.7 | ||||||
EUR | German Manufacturing PMI (Apr) | 51.9 | 51.9 | |||||
USD | ISM Manufacturing PMI (Apr) | 51.5 | 51.8 | |||||
Tuesday, May 3, 2016 | ||||||||
Japan – Constitution Day | ||||||||
CNY | Caixin Manufacturing PMI (Apr) | 49.9 | 49.7 | |||||
AUD | Interest Rate Decision (May) | 2.00% | 2.00% | |||||
GBP | Manufacturing PMI (Apr) | 51.2 | 51.0 | |||||
Wednesday, May 4, 2016 | ||||||||
Japan – Greenery Day | ||||||||
NZD | Employment Change (QoQ) (Q1) | 0.9% | ||||||
GBP | Construction PMI (Apr) | 54.0 | 54.2 | |||||
USD | ADP Nonfarm Employment Change (Apr) | 200K | 200K | |||||
USD | ISM Non-Manufacturing PMI (Apr) | 54.6 | 54.5 | |||||
USD | Crude Oil Inventories | 1.999M | ||||||
Thursday, May 5, 2016 | ||||||||
Japan – Children’s Day | ||||||||
AUD | Retail Sales (MoM) (Mar) | 0.3% | ||||||
GBP | Services PMI (Apr) | 53.5 | 53.7 | |||||
Friday, May 6, 2016 | ||||||||
USD | Nonfarm Payrolls (Apr) | 200K | 215K | |||||
USD | Unemployment Rate (Apr) | 5.0% | 5.0% | |||||
CAD | Employment Change (Apr) | -1.5K | 40.6K | |||||
CAD | Ivey PMI (Apr) | 50.1 |
Upcoming Government Bond Auctions
Date Time Country
Mar 02 13:00 Norway Details of bond auction on Mar 04
May 04 11:05 Norway Holds bond auction
May 04 11:30 Germany Eur 4bn Apr 2021 Bobl
May 04 11:50 France Holds bond auction
May 04 17:20 Sweden Details of bond auction on May 11
May 05 10:30 Spain Holds bond auction
May 05 11:00 Austria Holds bond auction