Swing Trades: GBP/USD, USD/CAD, AUD/USD
|GBP/USD: UK Manufacturing Production
The Sterling received some pips against the US Dollar on the upbeat UK manufacturing report. The GBP/USD currency pair ran into confrontations between bears and bulls, touching the intraday lowest and highest levels of 1.3485 and 1.3563,respectively.
The UK industrial output appeared to provide a solid contribution to the country’s economic expansion in 2017 final months, while construction was set to drag, official release indicated. Britain’s industrial production grew a monthly 0.4% in November, fuelling the annual increase of 2.5%. Despite the economic slowdown in the most of 2017 due to higher inflation, the exporters enjoyed better year, thanks to weaker Sterling and strengthening in the Euro zone’s economy.
USD/CAD: Canadian Building Permits
The Canadian Dollar inched up slightly against the Greenback, despite disappointing building premits figures. The major changes in the USD/CAD exchange rate were caused by news agencies, citing unknown sources saying that the Trump administration is likely to withdraw the United States from the NAFTA agreement. The pair added 86 base points or 0.69% to continue trading near the 1.2550 level.
The value of Canada’s building permits dropped more than anticipated in November on fewer intentions for industrial and commercial construction, though plans for single-family houses increased, official data showed. Statistics Canada said that building permits fell 7.7% in the month from October.
AUD/USD: Australian Retail Sales
The Australian Dollar appreciated against the US Dollar, as data revealed a solid increase in the country’s retail sales in November. The currency pair rose 0.30% or 23 base points to proceed trading in the 0.7870 area.
Australia’s retail sales marked the strongest monthly increase in four years last November, as consumers indulged themselves on Black Friday promotions and new Apple iPhones, providing the main boost to the country’s economy, which was affected by sluggish spending before. The Australian Bureau of Statistics report revealed that retail sales grew 1.2% in November, following a 0.5% in the prior month. Back to October, consumer spending was pressured by sluggish pay growth and large household debt, which prevented the RBA from raising interest rates.
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