Swing trades: EURUSD,USDCAD [Video]
|EUR/USD: US CPI
The Greenback weakened against the European single currency , following the US CPI data release last Friday. The EUR/USD currency pair lost 15 pips, or 0.13%, to continue fluctuating in the 1.1455 area, which is an insignificant change.
The Bureau of Labor Statistics released Consumer Price Index data that came in line with expectation of 0.2%. The CPI rate stays unchanged, repeating itself from period to period.
The Capital Economics' senior US economist Michael Pearce said. "Our forecast is that core inflation will continue to trend higher from here, with core PCE inflation hitting 2.3 per cent by the end of this year. With economic growth strong and inflation overshooting, the Fed will continue hiking interest rates once a quarter over the coming 12 months."
USD/CAD: CA Employment Change
The Canadian dollar weakened against the Greenback, following the Canadian Employment Change data release last Friday. The USD/CAD currency pair lost 47 pips, or 0.36%, to continue fluctuating in the 1.3088 area, recovering after the huge drop right after the data release.
The Statistics Canada released Employment Change data that came better-than-expected of 54.1 thousands with the forecasted 17.0 thousands or 0.2%. This data release number is much higher than previous data of 31.8 thousands. The new data decreased the unemployment rate in Canada by 0.2 per cent to 5.8 per cent.
The CIBC chief economist Avery Shenfeld commented: "In the wacky world of Canada's monthly employment numbers, July came up with another head scratcher, with some big headlines but some disappointments in the fine print".
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