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CAD/USD ?Loonie? falls to session low on data releases

Published: 12 Dec at 4 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Canadian Dollar, USA, Canada,

The Canadian Dollar fell to a session low against its US relation following the release of data which bolster demand for the ‘Greenback’ and did little to dispel speculation that the Federal Reserve will opt to reduce its monetary easing programme when policy makers gather for next week’s policy meeting.

Data released by the US Department of Labour showed that the number of US citizens claiming unemployment benefit in the US last week jumped to a two-month high of 368,000 compared to economist expectations for an increase of 320,000. The figure was higher than the previous months reading of 300,000.

A separate data report showed that retail sales in the US climbed by 0.7% in November, a figure above expectations for a rise of 0.6%, the highest level recorded since June. On a yearly basis retail sales climbed by 4.7%.

The Canadian Dollar was weakened by the publication of data which showed that the nation’s new house price index climbed by just 0.1%, below economists’ expectations for a rise to 0.3%. Against the Pound the ‘Loonie’ remained close to a four-year low as Sterling found support from comments made by the British Chambers of Commerce. The body said that it believes that the UK economy will expand at its fastest pace in seven years in 2014.

The ‘Loonie’ also fell against the Euro despite the publication of data which showed that industrial production in the Eurozone fell far more than expected in October.

As of Thursday, 12th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1883, GBP USD exchange rate was 1.6339, and GBP CAD exchange rate was 1.7392.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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