Morning Market Update – Positive Trend for CAD

Greenback showed some positive signs with the United States API Weekly Crude Oil Stock rising up from a previous value of -8.67M to -4.62M. Foreign Exchange Reserves in Japan increased to $1251.87B this month from a previous value of $1242.3B.

The Australian dollar showed some good results with the Australian Gross Domestic Product (QoQ) coming in at 0.3% and rising above the forecasted values (0.2%) in the first quarter. The Australian Gross Domestic Product (YoY) went above the expected values (1.5%) in the first quarter: Actual (1.7%). The People’s Bank of China (PBOC) set the Yuan midpoint rate at 6.7858 versus yesterday’s fix of 6.7934.

The major news for the day comes from the Canadian Building Permits and this gives a boost to the Canadian dollar after the Ivey Purchasing Managers Index (seasonally adjusted) came in at 53.8. The Employment Index rate for May came in at 50.4. The Ivey Purchasing Managers Index (seasonally unadjusted) data came in at 62.6 in May.

The U.S. EIA Crude Oil Stocks saw a massive change with the forecasted values at a negative 3.447M when compared to the previous release which was seen at a negative 6.428M.
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