Macro Release: USD/CAD, EUR/USD
|USD/CAD: Canadian Trade Balance
The US Dollar traded sideways against the US Dollar, following the Canadian Trade balance data release on Thursday at 12:30 GMT. The USD/CAD exchange currency rate lost 7 pips or 0.06% right after the release. The Greenback continued trading at the 1.3390 level against the Canadian Dollar.
Statistics Canada released the Canadian Trade Balance data, which came out better-than-expected of negative 1.0B compared with forecast of negative 2.8B.
According to the official release: "Canada's exports rose 1.3% in April, due mainly to higher exports of gold. Imports decreased 1.4%, mostly on lower imports of aircraft. As a result, Canada's merchandise trade deficit with the world narrowed from $2.3 billion in March to $966 million in April, the lowest deficit since October 2018."
EUR/USD: EU Monetary Policy Statement
The European Common Currency appreciated against the US Dollar, following the EU Monetary Policy Statement data release on Thursday at 11:45 GMT. The EUR/USD exchange currency rate gained 40 pips or 0.36% right after the release. The Euro continued trading at the 1.1260 level against the Greenback.
The European Central Bank released the ECB Main Refinancing Rate data, which came out in line with expectations of 0.00%.
The EU policymakers decide to maintain the interest rates on the marginal lending facility and deposit facility unchanged at 0.00%, 0.25% and –0.40% respectively. The decision was driven by trade tensions and fears of the global recession.
EUR/USD: US ADP Non-Farm Employment Change
The European Common Currency appreciated against the US Dollar, following the US ADP Non-Farm Employment Change data release on Wednesday at 12:45 GMT. The EUR/USD exchange currency rate lost 50 pips or 0.44% right after the release. The Euro continued trading at the 1.1260 level against the Greenback.
Automatic Data Processing, Inc. released the ADP Non-Farm Employment Change data, which came out worse-than-expected of 27K compared with forecast 185K. Also, note, that the increase of the Euro could be driven by rising tensions between Italy and European Commission.
According the official release: "Following an overly strong April, May marked the smallest gain since the expansion began," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Large companies continue to remain strong as they are better equipped to compete for labor in a tight labor market."
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