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Mon 15 Jul 2024 08:28GMT

With The FOMC Meeting Approaching The Canadian And US Dollars Experience Volatility

Published: 16 Dec at 3 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, Canadian Dollar, USA, Canada,

During the North American session the Canadian Dollar posted modest movement against peers like the ‘Greenback’ and Pound as investors digested some positive US data and weighed the odds of the Federal Reserve tapering stimulus on Wednesday.

The commodity-driven asset closed last week in the region of a three-year low against its US counterpart and was little changed today.

According to currency expert Darcy Browne; ‘In the short term, I definitely think the momentum is Dollar higher verses Canada and then sometime mid-year next year, maybe even in the first quarter, you may see the top. The market is looking to buy Dollar dips, I think those are still the themes, but they’re just on hold until people have a clearer idea of what’s going to happen.’

The Canadian Dollar is currently trading against the ‘Buck’ in the region of 0.9447

The ‘Loonie’ weakened against the Pound as a report confirmed that Canadian existing home sales declined by 0.1 per cent in November, month-on-month, following a slump of 3.2 per cent in October.

The Pound was little affected by a report showing a fall in UK property prices but is likely to experience considerable volatility when UK inflation figures are published tomorrow at 9:30 GMT.

Meanwhile, the US Dollar lost ground against both Sterling and the Euro despite the release of encouraging US data.

US preliminary PMI, industrial production and manufacturing production reports showed improvement.

Although the US Markit PMI came in at 54.4, less than the 55.0 reading expected, it was still a slight improvement on the previous month’s level and shows solid growth.

Industrial/manufacturing output increased by considerably more than anticipated, adding to the case for the Federal Reserve reducing the current level of asset purchases at the conclusion of its two-day policy meeting on Wednesday.

The US Dollar is currently trading against the Pound in the region of 0.6129
As of Monday, 16th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1844, GBP USD exchange rate was 1.6299, and GBP CAD exchange rate was 1.7265.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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