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USD/CAD Fundamental Analysis May 30, 2013 Forecast
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Analysis and Recommendations: The USD/CAD gave up 30 pips today, to trade at 1.0368 after approaching the 1.04 level yesterday. The US dollar has been
The USD/CAD gave up 30 pips today, to trade at 1.0368 after approaching the 1.04 level yesterday. The US dollar has been trading in a positive mode on ongoing data releases showing a strong recovery in the US. Traders are waiting for the BoC interest rate decision but there are no expectations, with Governor Carney leaving his post this month to take over the Bank of England. The CAD dollar fell to a one-year low against its U.S. peer after confidence among America’s consumers climbed in May to a five-year high, boosting speculation the Federal Reserve could taper its monetary stimulus.
The currency dropped for a third day versus the greenback before Mark Carney makes his final decision on interest rates as Bank of Canada governor tomorrow. All 22 economists surveyed predict the outgoing governor will leave the benchmark rate at 1 percent before his successor Stephen Poloz takes over June 3. Canada’s dollar dropped versus the currencies of Australia and New Zealand as futures on crude oil and the Standard & Poor’s GSCI (SPGSCI) Index of 24 commodities gained. The IMF downgraded growth in China for the balance of 2013 which is weighing on all commodity currencies today.
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 May 29, 2013 actual v. forecast
|
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
|
May 29 |
|
JPY |
|
|
Retail Sales (YoY) |
-0.1% |
|
-0.4% |
|
-0.3% |
|
|
|
|
|
JPY |
|
|
BoJ Governor Kuroda Speaks |
|
|
|
|
|
|
|
|
|
|
AUD |
|
|
HIA New Home Sales (MoM) |
3.9% |
|
|
|
4.2% |
|
|
|
|
|
AUD |
|
|
Construction Work Done (QoQ) |
-2.0% |
|
1.0% |
|
0.1% |
||
|
|
|
HUF |
|
|
Hungarian Quarterly Unemployment Rate |
11.0% |
|
11.7% |
|
11.8% |
|
|
|
|
|
SEK |
|
|
Swedish GDP (QoQ) |
0.6% |
|
0.3% |
|
0.1% |
|
|
|
|
|
EUR |
|
|
German Unemployment Rate |
6.9% |
|
6.9% |
|
6.9% |
|
|
|
|
|
EUR |
|
|
German Unemployment Change |
21K |
|
5K |
|
6K |
||
|
|
|
PLN |
|
|
Polish GDP (QoQ) |
0.5% |
|
|
|
0.4% |
|
|
|
|
|
GBP |
|
|
CBI Distributive Trades Survey |
-11 |
|
3 |
|
-1 |
|
|
|
|
|
EUR |
|
|
German CPI (MoM) |
0.4% |
|
0.2% |
|
-0.5% |
|
|
|
|
|
BRL |
|
|
Brazilian GDP (YoY) |
1.9% |
|
2.3% |
|
1.4% |
|
|
|
|
|
EUR |
|
|
German CPI (YoY) |
1.5% |
|
1.3% |
|
1.2% |
Upcoming Economic Events that affect the CAD and USD
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
May 30 |
13:30 |
CAD |
-16.0B |
-17.3B |
|
|
|
13:30 |
USD |
340K |
340K |
|
|
|
13:30 |
USD |
1.2% |
1.2% |
|
|
|
13:30 |
USD |
2.5% |
2.5% |
|
|
|
13:30 |
USD |
2950K |
2912K |
|
|
|
15:00 |
USD |
1.1% |
1.5% |
Government Bond Auction
Date Time Country
May 30 00:30 Japan
May 30 09:10 Italy
May 30 17:00
May 31 14:30 UK
About the Author
Barry Normanauthor
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