Analysis and Recommendations: The USD/CAD was flat at 1.3318 as traders wait for US housing data and the FOMC minutes due later in the session. Gold
The USD/CAD was flat at 1.3318 as traders wait for US housing data and the FOMC minutes due later in the session. Gold remained near its weakest level ahead of the US session while crude oil gained a few cents but also remains at the bottom of its trading range. The CAD made no headway even though the US dollar gave back a bit of its gains this week as traders booked profits.
The Federal Open Market Committee (FOMC) minutes will be closely picked apart for further hints on whether the central bank plans on raising interest rates next month. At the end of October, the Fed laid out some of what it would consider in December when deciding whether to move its target Fed funds rate off zero for the first time in nearly seven years.
The performance of crude oil prices plus speculations on a Fed’s lift off in December remains the almost exclusive drivers of the pair’s price action so far.
However, gains appear somewhat capped by the 1.3350 area for the time being, although the upcoming FOMC minutes) carry the potential to spark further USD strength.
Today’s calendar includes Canadian Manufacturing Sales and the Empire State manufacturing index in the US economy, while the broader sentiment will keep an eye on the recent developments in France and their potential consequences.
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.
Today’s economic releases:
Cur. |
Event |
Actual |
Forecast |
Previous |
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USD |
FOMC Member Tarullo Speaks |
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USD |
API Weekly Crude Oil |
-0.482M |
1.800M |
6.300M |
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AUD |
RBA Assist Gov Debelle Speaks |
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AUD |
Wage Price Index (QoQ) (Q3) |
0.6% |
0.6% |
0.6% |
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USD |
FOMC Member Lockhart Speaks |
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Upcoming Economic Events that you should be monitoring:
Thursday, November 19, 2015
Cur. |
Event |
Actual |
Forecast |
Previous |
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NZD |
PPI Input (QoQ) (Q3) |
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|
-0.3% |
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JPY |
Adjusted Trade Balance |
|
-0.38T |
-0.36T |
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JPY |
Exports (YoY) (Oct) |
|
-2.1% |
0.6% |
|
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JPY |
Trade Balance (Oct) |
|
-292B |
-115B |
|
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JPY |
BoJ Press Conference |
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EUR |
German Buba President Weidmann |
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GBP |
Core Retail Sales (MoM) (Oct) |
|
-0.5% |
1.7% |
|
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GBP |
Core Retail Sales (YoY) (Oct) |
|
3.9% |
5.9% |
|
||
GBP |
Retail Sales (MoM) (Oct) |
|
-0.5% |
1.9% |
|
||
GBP |
Retail Sales (YoY) (Oct) |
|
4.2% |
6.5% |
|
||
GBP |
CBI Industrial Trends Orders (Nov) |
|
-10 |
-18 |
|
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EUR |
Monetary Policy Meeting |
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|
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USD |
Initial Jobless Claims |
|
271K |
276K |
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USD |
Philadelphia Fed Manufacturing Index |
|
-1.0 |
-4.5 |
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USD |
Philly Fed Employment (Nov) |
|
|
-1.7 |
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USD |
FOMC Member Lockhart Speaks |
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Government Bond Auctions
Date Time Country
Nov 19 10:30 Spain 0.25% Apr 2018 Bono, 1.15% Jul 2020 Bono, 5.4% Jan 2023
Nov 19 10:50 France Eur 7-8bn; 4.25% Oct 2018 OAT, 0.25% Nov 2020 OAT, 2.25%
Nov 19 11:50 France Eur 1-1.5bn; 0.25% Jul 2024, 1.85% Jul 2027, 3.15% Jul 2032
Nov 19 N/A US Holds 10-year TIPS auction
Nov 20 16:30 Italy Announces details of CTZ/BTPei on 25 Nov
Nov 23 12:00 Belgium Auctions OLOs
Nov 23 N/A US Holds 2-year note auction
Nov 24 17:30 Italy Announces details of BTPs/CCTeu on 27 Nov
Nov 24 N/A Holland Eur 1.0-2.0bn 0.25% Jul 2025 DSL
Nov 24 N/A US Holds 5-year note auction
Nov 25 11:03 Sweden Holds bond auction
Nov 25 11:10 Italy Auctions CTZ/BTPei
Nov 25 11:30 Germany Eur 3bn 1.0% Aug 2025 Bund
Nov 25 N/A US Holds 2-year FRN auction
Nov 25 N/A US Holds 7-year note auction
Nov 26 11:03 Sweden Holds bond auction
Nov 27 11:03 Sweden Holds bond auction
Nov 27 11:10 Italy Auctions BTPs/CCTeus