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Posted December 2nd, 2015 by Charles Purdy

Canadian economy emerges from recession

There was fantastic news for the Canadians yesterday as it appears their economy has emerged from a recession. After two quarters of contraction, their Gross Domestic Product (GDP) figure rose 0.6%, courtesy of a 2.3% rise in the export of goods and services. We would have witnessed an even greater recovery, were it not for maintenance and fires disrupting oil production in September. This month’s GDP figures were less encouraging, contributing to Canadian dollar weakness yesterday – as their currency fell against all major world currencies; this included nearly -1.5% changes against the other commodity currencies: the New Zealand and Australian Dollars. Today there is more important data out of Canada with the release of the overnight rate; this is expected to remain at 0.5%.

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Posted November 12th, 2015 by Charles Purdy

Tough times for the Canadian dollar, better times for the Australian dollar

It was a tough day for the Canadian economy yesterday as the Canadian economy fell against most currencies, including a 0.5% drop against sterling. Canadian stocks have fallen for a sixth day in a row, the worst performance since August. Just as it was in August, the fall can be attributed to weak industrial data in China. However, increasing stockpiles of commodities in the US has also lessened the value of Canadian commodities and by extension, their currency. Today the new house pricing index is out at 1.30pm and is expected to be worse than last month’s – any surprises could provide a little support for the Canadian currency.

The Australian dollar has gained nearly three cents against sterling first thing this morning as the Australian unemployment rate fell to 5.9% reducing expectations of an imminent cut in their interest rate.

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Posted September 30th, 2015 by Charles Purdy

Canadian growth figures due

It was very quiet on the data front again yesterday, with the only notable release being the Raw Materials Price Index (RMPI) out of Canada which was better than expected – however, this had little effect on the market. Today’s release of growth figures at 1.30pm is expected to be the same as last month’s; however, any surprises could have a large influence on the strength of the Canadian dollar.

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Posted September 17th, 2015 by Charles Purdy

Will Canada keep the momentum?

Canada enjoyed a strong day yesterday as crude oil gained for the second day in a row. Oil futures rose by 2.7% in New York last week, which contributed to Canadian stocks rising by 1% in the last week – this is after a fall of 4.2% in August, the worst this year. The Canadian economy also had some fortuitous data in terms of manufacturing sales yesterday, with results published 0.6% above expectation. This helped them to achieve a 0.5% gain on their North American Counterparts.

There is no significant data out today from Canada, so its currency will look to events elsewhere for potential movement, before inflation data is released on Friday.

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Posted August 6th, 2015 by Charles Purdy

More lacklustre days for the Japanese yen and Canadian dollar?

  • The Japanese yen faltered further yesterday, weakening 0.7% against sterling which meant the yen was at a rate of over 195, something that hasn’t been achievable since the end of June. The leading indicators index was out early morning but the effect on the yen was negligible.
  • It was more mediocrity for Canadian dollar yesterday as it lost more ground against sterling – however, it made small gains against the US dollar, boosted by encouraging trade balance data which beat expectations. Following this, there was clear strengthening for the currency across the board. This was short-lived, however, and previous levels were resumed within three hours.

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Posted July 20th, 2015 by Charles Purdy

Can the Australian dollar turn its fortunes around?

The Australians will be hoping for a change in form this week, after the Australian dollar reached eight-year lows throughout last week. There is hope for positive news from the Consumer Price Index (CPI) data to be released on Wednesday, which is predicted to be 0.6% better than last month. However, it is possible that a turnaround in the Chinese economy may well be required before we notice any significant change in direction for the Australian dollar.

Will Chinas growth return?

Although the Chinese economy is growing, there is some disquiet because Fridays Flash Manufacturing Purchasing Managers Indices for July, although expected to be better than last month, is still expected to be in negative territory, which is indicative of an economy struggling.

Some growth for Canada?

Today sees the release of Canadian Wholesale Sales Data, which is expected to show limited growth. More encouraging than this is the prediction that Thursday’s core Retail Sales Data will be positive this month, after coming out negative last month, and this may improve the currency’s position.

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Posted July 20th, 2015 by Charles Purdy

Can the Australian dollar turn its fortunes around?

The Australians will be hoping for a change in form this week, after the Australian dollar reached eight-year lows throughout last week. There is hope for positive news from the Consumer Price Index (CPI) data to be released on Wednesday, which is predicted to be 0.6% better than last month. However, it is possible that a turnaround in the Chinese economy may well be required before we notice any significant change in direction for the Australian dollar.

Will Chinas growth return?

Although the Chinese economy is growing, there is some disquiet because Fridays Flash Manufacturing Purchasing Managers Indices for July, although expected to be better than last month, is still expected to be in negative territory, which is indicative of an economy struggling.

Some growth for Canada?

Today sees the release of Canadian Wholesale Sales Data, which is expected to show limited growth. More encouraging than this is the prediction that Thursday’s core Retail Sales Data will be positive this month, after coming out negative last month, and this may improve the currency’s position.

Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.

Posted July 16th, 2015 by Charles Purdy

New low for the Australian dollar

Wednesday was a bad day for the Australian dollar, as it hit six year lows against sterling – despite good data being released in the morning. There is little data expected for the rest of this week, but next week should be pivotal – so we expect that, like the country’s cricket team, the Australian dollar will be hoping for better in their next test…

Sinking Canadian dollar

During an equally difficult day for the Canadian dollar, it sank to another low against sterling. A poor result from the overnight rate, coupled with continuing sterling strength, resulted in the Canadian dollar hitting the lowest rate against the British currency for almost seven years!

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Posted May 14th, 2015 by Charles Purdy

Canadian dollar capitalises on weak US data

  • The Canadian dollar managed to take advantage of some poor data out of the US on Wednesday. Core retail sales, which excludes automobiles, increased by a miserable 0.1% after experts had expected a gain of over half a percent. The Canadian currency managed to take advantage of this and jump almost half a percent, finishing the day at 1.1930.
  • The Australian dollar held steady against its US counterpart on Wednesday, after data showed that Australia’s wage prices rose slightly less than expected in the first quarter.

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Posted May 11th, 2015 by Charles Purdy

Canadian jobs figure declines

  • The amount of employed people in Canada dropped last month to a new level. Statistics Canada reported that the number of employed people declined by 19,700 in April, when experts had only anticipated a fall of 5,000. This news was shocking after a significant gain the last time around. It will be interesting to see the knock-on effect this will have on the Canadian dollar this week.
  • The Japanese yen also dropped off on Friday as the Bank of Japan’s keenly-awaited latest meeting minutes showed that a majority of the board members want to pursue asset purchases.

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