Forex News
ING’s commodities strategists highlight that Gold rallied after weaker US jobs data reduced fears of further Federal Reserve rate hikes. Lower Treasury yields and a softer Dollar improved the appeal of non-yielding assets. They also note continued central bank buying, led by Poland and China, which remains an important source of structural support for the Gold market despite some selling by Russia and Turkey.
Fed outlook and central banks support gold
"In precious metals, gold moved sharply higher yesterday after weaker-than-expected US jobs data eased concerns that the Federal Reserve may need to raise interest rates this year. The softer payrolls report pushed Treasury yields and the US dollar lower, improving the appeal of non-yielding assets such as gold."
"The move added to gains seen earlier in the week following less-hawkish-than-expected comments from Fed Chair Kevin Warsh. Investors are increasingly reassessing the outlook for US monetary policy. The market will remain focused on incoming economic data to determine whether the recent moderation in labour market conditions continues."
"This could further reduce pressure on the Fed to tighten policy and remain supportive for gold."
"Meanwhile, central banks returned as net gold buyers in May, adding around 41 tonnes, according to the World Gold Council. Poland remained the largest buyer, purchasing 18 tonnes and lifting year-to-date acquisitions to 64 tonnes. China extended its buying streak to 20 consecutive months, adding 10 tonnes."
"Russia, by contrast, was a net seller, reducing its holdings by 6 tonnes in May and taking year-to-date sales to 34 tonnes. Turkey also cut its gold reserves by 3 tonnes, bringing total sales this year to 81 tonnes. Strong central bank buying continues to provide an important source of support for the gold market."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Commerzbank’s Tatha Ghose expects Turkey’s June Consumer Price Index (CPI) to show a modest disinflation surprise, with headline and core rates easing slightly and month-on-month inflation potentially below 1%. He cautions that underlying inflation remains high, global disinflation offers limited help, and entrenched domestic pressures mean interest rates cannot be safely cut without risking renewed Lira weakness.
High underlying inflation keeps Lira exposed
"Turkey’s statistics office (Turkstat) will publish June CPI and PPI data later today. The analyst consensus expects headline CPI at 32.1%y/y and core at 30.1%y/y, both slightly softer than the previous month. We see possibility of a dovish surprise by the data."
"We see possibility of a dovish surprise by the data. On the surface, this will be described to be confirming disinflation and will probably be cited by policymakers as verification that their strategy is working."
"First, after seasonal adjustment, such a print would still imply a 1.8%m/m rate of increase – which annualises to roughly 24% underlying inflation – and this will likely prove to be an interim low before the month-on-month rate creeps up again."
"Secondly, this prospective moderation in Turkey will lose significance amidst the widespread downside inflation surprises from elsewhere across Europe, including from Poland, where month-on-month price change dropped to outright negative. In other words, global disinflation is clearly occurring, but it is only weakly helping Turkey."
"This difference matters. If Turkey’s inflation problem is still domestically driven and entrenched in expectations, not just imported, then interest rates cannot be safely lowered and the lira will stay vulnerable to renewed pressure if CBRT [Central Bank of the Republic of Türkiye] were to signal that rate cuts are a matter of ‘when’ not ‘if’."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
- AUD/USD bounces up to levels near 0.6950, on track for a 0.6% weekly appreciation.
- Weaker-than-expected job creation in the US has dampened hopes of Fed tightening and is weighing on the US Dollar.
- Aussie's recovery seems corrective so far, as the broader structure remains bearish.
The Australian Dollar (AUD) appreciates for the second consecutive day against a weaker US Dollar (USD) on Friday, still weighed by Thursday’s US Nonfarm Payrolls’ disappointment. The pair approaches the 0.6950 level at the time of writing, after bouncing from 0.6865 lows, on track for a 0.6% weekly rally after dropping more than 2% over the previous two weeks, and with momentum indicators turning bullish.
The US Dollar lost momentum on Thursday, after June’s Nonfarm Payrolls figures showed a 57K increase in net jobs, about half of the 110K expected, and cooled hopes of immediate Federal Reserve (Fed) tightening. Bets for a July hike have dropped to 18% from nearly 30% one day before, while the odds for a hike in September declined to 52% from 65% before the data release, according to the CME Group's FedWatch Tool.
In Australia, data from the S&P Global Purchasing Managers Index has been supportive, with activity in both the manufacturing and services sectors expanding unexpectedly in June. The Manufacturing PMI rose to 50.4 against expectations of a steady 49.8 reading and Services activity improved to 50.5 instead of remaining unchanged at 49.9 as the market consensus had anticipated.
Technical Analysis: In a bullish correction from oversold levels
AUD/USD is in a bullish corrective reaction after reaching extremely oversold levels in late June. Momentum indicators have turned positive, with the four--hour Relative Strength Index (14) pushing into the low-60s and the Moving Average Convergence Divergence (MACD) histogram showing growing green bars. From a wider perspective, however, the bearish structure remains in place.
Bulls are likely to meet some resistance at the 38.2% Fibonacci retracement of the previous two weeks' selloff, at 0.6950, followed by the area between the 50.0% and 61.8% Fibonacci retracements, at 0.6976 and 0.7000, respectively, where the June 11, 17, 18 and 19 lows lie.
On the downside, the session low at 0.6935 and Thursday's low, at the 0.6885 area, are likely to hold bulls ahead of the key support area at Junes trading floor in the mentioned 0.6865 level.
(The technical analysis of this story was written with the help of an AI tool.)
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.22% | -0.21% | -0.06% | -0.14% | -0.30% | -0.44% | -0.25% | |
| EUR | 0.22% | 0.00% | 0.17% | 0.07% | -0.13% | -0.23% | -0.03% | |
| GBP | 0.21% | -0.01% | 0.13% | 0.06% | -0.15% | -0.23% | -0.03% | |
| JPY | 0.06% | -0.17% | -0.13% | -0.06% | -0.28% | -0.39% | -0.17% | |
| CAD | 0.14% | -0.07% | -0.06% | 0.06% | -0.22% | -0.31% | -0.10% | |
| AUD | 0.30% | 0.13% | 0.15% | 0.28% | 0.22% | -0.09% | 0.11% | |
| NZD | 0.44% | 0.23% | 0.23% | 0.39% | 0.31% | 0.09% | 0.20% | |
| CHF | 0.25% | 0.03% | 0.03% | 0.17% | 0.10% | -0.11% | -0.20% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
UOB’s Quek Ser Leang highlights that EUR/USD failed to extend gains after spiking to 1.1472 and is now expected to consolidate between 1.1410 and 1.1455 intraday. Over the coming one to three weeks, the bias is tilted higher, but strong resistance is seen at 1.1470 and 1.1500, with support around 1.1370 limiting downside.
Consolidation with mild upside tilt
"24-HOUR VIEW: Two days ago, EUR fell to a low of 1.1361. When EUR was at 1.1380 in the early Asian session yesterday, we indicated that EUR “could test and potentially break below 1.1360.” Our view was incorrect, as EUR did not break below 1.1360 (low was 1.1373). Instead, during the NY session, EUR surged, reaching a high of 1.1472 before retreating quickly to close at 1.1430 (+0.47%). The brief rise did not lead to a clear increase in upward momentum, and instead of continuing to advance, EUR is more likely to range-trade today, with the range expected to be between 1.1410 and 1.1455."
"1-3 WEEKS VIEW: Our most recent narrative was from Monday (29 Jun, spot at 1.1385), when we highlighted that the recent “weakness in EUR has stabilised.” We also highlighted that EUR “is likely to trade in a range between 1.1335 and 1.1470.” Yesterday, EUR soared and rose slightly above 1.1470, printing a high of 1.1472. Upward momentum is increasing, but not sufficiently to indicate a sustained advance. That said, the bias is tilted to the upside, but 1.1470 is expected to continue to offer resistance. Looking ahead, even if EUR were to break above 1.1470, the 1.1500 level is expected to offer firm resistance as well. On the downside, a breach of 1.1370 (‘strong support’ level) would indicate that the current mild upside bias has faded."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
- USD/JPY may depreciate as the Japanese Yen could strengthen on rising speculation of another Japanese currency intervention.
- Japan's Katayama warned of potential currency market intervention, highlighting close foreign exchange coordination with the United States.
- The CME FedWatch tool shows that September rate-hike odds dropped to 52% from 66% after the release.
USD/JPY holds its position after experiencing volatility, trading around 161.10 during the Asian hours on Friday. The pair may depreciate as the Japanese Yen (JPY) could strengthen on rising speculation that Japanese officials are preparing another round of currency intervention.
Japan’s Finance Minister Satsuki Katayama reiterated readiness to intervene anytime, noting close forex coordination with the United States (US). Traders view thin liquidity over the US holiday weekend as ideal for official action.
The upside of the USD/JPY pair could be restrained as the US Dollar (USD) loses ground amid a disappointing set of domestic labor data released on Thursday, easing Fed rate hike bets. CME FedWatch tool indicates that financial markets are now pricing in a 52% chance of a September interest rate hike, down sharply from the 66% priced in right before the release.
Recent remarks from Federal Reserve Chair Kevin Warsh at the ECB's Sintra conference firmly reaffirmed the central bank’s independent commitment to a 2% price stability target; he also acknowledged that inflation risks and expectations have begun to moderate over the past month.
US labor market forces Wall Street to aggressively rethink its interest rate outlook. The primary catalyst for this shift was the June Nonfarm Payrolls (NFP) report released on Thursday. The US economy added just 57,000 jobs last month, completely missing the market consensus of 110,000. While the headline unemployment rate managed an unexpected tick downward to 4.2% from May's 4.3%, the severe hiring slowdown heavily signals a cooling broader economy.
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
- WTI price rebounds to near $69.10 in Friday’s early European session.
- A softer US Dollar following the downbeat NFP data underpins the USD-denominated oil price.
- Traders will monitor US-Iran negotiations after Trump said he believed Iran had "agreed to just about everything we need.”
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.10 during the early European trading hours on Friday. The WTI price recovers some lost ground on a weaker US Dollar (USD) ahead of a long holiday weekend in the United States (US).
The latest US employment data suggested a cooling labor market and prompted financial markets to dial back expectations for a near-term interest rate hike from the US Federal Reserve (Fed). This, in turn, weighs on the US Dollar (USD) and provides some support to the USD-denominated commodity price.
The US Nonfarm Payrolls (NFP) rose by 57,000 in June, falling short of expectations of 110,000, the US Bureau of Labor Statistics (BLS) showed on Thursday. The Unemployment Rate fell to 4.2% during the same period, down from 4.3% in May.
However, wary optimism holds over efforts to secure peace in the Middle East between the US and Iran. Reuters reported that the US and Iran concluded a round of indirect talks on Wednesday with no sign that they had made headway toward lasting peace. Any signs of renewed tensions in the Middle East could boost the WTI price.
Iran’s joint military command warned that any US interference in the Strait of Hormuz will be met with a “decisive and swift response” as tensions continue to roil negotiations.
US President Donald Trump said on Thursday that “I think they have accepted nearly everything we require.” His remarks came as Qatar reported “positive progress” after Washington and Tehran concluded indirect technical talks in Doha on issues related to the Memorandum of Understanding (MoU) signed on June 17.
“It's a case of guarded optimism, with the market wanting to believe the peace efforts will hold, but it’s still hedging its bets until it sees real evidence on the water,” said Tim Waterer, chief market analyst at KCM Trade.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
- Asian equity markets bounce back due to multiple tailwinds.
- Lower oil prices and weak US NFP data have lifted market sentiment.
- South Korean heavyweights recover strongly after a two-day massive decline.
Asian stock markets reflect strong demand on Friday, as traders reconsidering hawkish Federal Reserve (Fed) bets and lower oil prices due to easing geopolitical woes have lifted demand for risk-sensitive assets.
At press time, Nikkei 225 is up 1% to near 69,500, Shanghai jumps 0.45% at around 4,050, Hang Seng climbs 1% to near 23,280, and KOSPI soars over 5.8% at around 8,090.
According to the CME FedWatch tool, the odds of the Fed delivering at least one interest rate hike in the September policy meeting have diminished to 53.2% from almost 64% seen on Wednesday
Traders reprice Fed interest rate expectations after the release of United States (US) Nonfarm Payrolls (NFP) data on Thursday, which showed that the economy created 57K fresh jobs in June, significantly lower than estimates of 110K. Also, the May data was revised lower to 129K from 172K.
Meanwhile, lower oil prices bode well for economies that rely heavily on oil imports to meet their energy needs. WTI Oil price trades close to its pre-Middle East war levels, as Oman has signaled progress in indirect talks between the US and Iran.
KOSPI outperforms the Asian market board as its tech giants, Samsung Electronics and SK Hynix, have bounced back strongly after sliding over 17% in the last two trading days.
Asian stocks FAQs
Asia contributes around 70% of global economic growth and hosts several key stock market indices. Among the region’s developed economies, the Japanese Nikkei – which represents 225 companies on the Tokyo stock exchange – and the South Korean Kospi stand out. China has three important indices: the Hong Kong Hang Seng, the Shanghai Composite and the Shenzhen Composite. As a big emerging economy, Indian equities are also catching the attention of investors, who increasingly invest in companies in the Sensex and Nifty indices.
Asia’s main economies are different, and each has specific sectors to pay attention to. Technology companies dominate in indices in Japan, South Korea, and increasingly, China. Financial services are leading stock markets such as Hong Kong or Singapore, considered key hubs for the sector. Manufacturing is also big in China and Japan, with a strong focus on automobile production or electronics. The growing middle class in countries like China and India is also giving more and more prominence to companies focused on retail and e-commerce.
Many different factors drive Asian stock market indices, but the main factor behind their performance is the aggregate results of the component companies revealed in their quarterly and annual earnings reports. The economic fundamentals of each country, as well as their central bank decisions or their government’s fiscal policies, are also important factors. More broadly, political stability, technological progress or the rule of law can also impact equity markets. The performance of US equity indices is also a factor as, more often than not, Asian markets take the lead from Wall Street stocks overnight. Finally, the broader risk sentiment in markets also plays a role as equities are considered a risky investment compared to other investment options such as fixed-income securities.
Investing in equities is risky by itself, but investing in Asian stocks comes along with region-specific risks to be taken into account. Asian countries have a wide range of political systems, from full democracies to dictatorships, so their political stability, transparency, rule of law or corporate governance requirements may diverge considerably. Geopolitical events such as trade disputes or territorial conflicts can lead to volatility in stock markets, as can natural disasters. Moreover, currency fluctuations can also have an impact on the valuation of Asian stock markets. This is particularly true in export-oriented economies, which tend to suffer from a stronger currency and benefit from a weaker one as their products become cheaper abroad.
- EUR/JPY remains bearish as it trades below its session VWAP and a tight cluster of Exponential Moving Averages.
- The 14-day Relative Strength Index is at 46.58, hinting at weakening bullish momentum.
- Initial support aligns with the symmetrical triangle’s lower boundary around 183.50.
EUR/JPY rises after two days of losses, trading around 184.50 during the Asian hours on Friday. The currency cross is keeping a bearish near-term tone as spot holds beneath the session Volume-Weighted Average Price (VWAP) and a tight cluster of Exponential Moving Averages, with the nine-period EMA at 184.64 and the 50-period EMA at 184.91 now acting as overhead supply.
Further advances would support the EUR/JPY cross to test the upper boundary of the symmetrical triangle around 185.90. A break above the triangle would cause the bullish emergence and expose the all-time high of 187.95, which was recorded on April 17.
The 14-day Relative Strength Index (RSI) at 46.58 hovers just below the midline, hinting at weakening bullish momentum and reinforcing the idea that rallies toward these nearby averages could struggle for follow-through.
The technical analysis of the daily chart suggests that the EUR/JPY cross is remaining within the symmetrical triangle, indicating that both buyers and sellers are becoming increasingly aggressive, squeezing the price into a tighter and tighter range. Neither side has taken control yet, creating a temporary balance of power.
On the downside, initial support aligns with the symmetrical triangle’s lower boundary around 183.50, followed by the four-month low of 181.87, recorded on March 16, and the six-month low of 180.81.
(The technical analysis of this story was written with the help of an AI tool.)
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.17% | -0.18% | 0.00% | -0.13% | -0.22% | -0.34% | -0.17% | |
| EUR | 0.17% | -0.02% | 0.17% | 0.03% | -0.10% | -0.18% | -0.03% | |
| GBP | 0.18% | 0.02% | 0.15% | 0.04% | -0.09% | -0.16% | -0.01% | |
| JPY | 0.00% | -0.17% | -0.15% | -0.11% | -0.26% | -0.35% | -0.18% | |
| CAD | 0.13% | -0.03% | -0.04% | 0.11% | -0.15% | -0.22% | -0.05% | |
| AUD | 0.22% | 0.10% | 0.09% | 0.26% | 0.15% | -0.07% | 0.08% | |
| NZD | 0.34% | 0.18% | 0.16% | 0.35% | 0.22% | 0.07% | 0.16% | |
| CHF | 0.17% | 0.03% | 0.00% | 0.18% | 0.05% | -0.08% | -0.16% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
- USD/CAD attracts sellers for the second straight day amid a combination of negative factors.
- The softer US NFP report tempered Fed hike bets, keeping the USD bulls on the back foot.
- A modest recovery in Oil prices underpins the Loonie and also exerts pressure on spot prices.
The USD/CAD pair struggles to capitalize on the previous day's modest bounce from a nearly two-week low and turns lower for the second straight day following a modest Asian session uptick to the 1.4200 neighborhood. Spot prices remain close to the overnight swing low, around mid-1.1400s, and seem poised to register losses for the first time in five weeks.
The US Dollar (USD) remains depressed near a two-week low, touched in reaction to softer US jobs data on Wednesday, and turns out to be a key factor exerting pressure on the USD/CAD pair. Traders trimmed their bets for interest rate hikes by the US Federal Reserve (Fed) after the closely-watched US Nonfarm Payrolls (NFP) pointed to softening labor conditions. In fact, the US economy added only 57K new jobs in June, compared to 110K consensus estimates.
Moreover, the previous month's reading was revised down from 172K to 129K, while the Unemployment Rate edged lower to 4.2% in June. This comes on top of easing inflation fears, amid the recent slump in Crude Oil prices, and tempered concerns about higher-for-longer interest rates. Traders were quick to react and shifted expectations from one to two Fed rate increases in 2026 to between zero and one hike. This, in turn, weighs on the USD and the USD/CAD pair.
Meanwhile, Iran’s military headquarters warned that any US interference in the Strait of Hormuz will be met with a “decisive and swift response.” This helps Crude Oil prices to move away from the lowest level since late February, underpinning the commodity-linked Loonie. This backs the case for an extension of the USD/CAD pair's pullback from its highest level since April 2025, set on Tuesday, though thin liquidity on the back of the US holiday warrants caution for bears.
Canadian Dollar FAQs
The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar.
The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive.
The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD.
While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar.
Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.
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