Swing Trades: USDCAD, AUDUSD
|USD/CAD: BoC Interest Rate Decision
The Canadian Dollar revelaed a 1.26% volatility against the US Dollar, following the BoC monetary policy decision. Though, the USD/CAD currency pair fell just 0.02%, remaining in the bearish trend.
The Bank of Canada implemented an interest rate hike on Wednesday, in line with expectations, as employment growth and solid inflation outweighed NAFTA uncertainties, though the Central Bank’s Chief admitted that the change was not an easy decision. The rate increase acknowledges that recent economic data was stronger that the BoC anticipated, inflation was nearing 2% goal, and the economy was operating at its full potential without output gap. The Bank also stated that trade uncertainty is likely to cut investment by 2% by the 2019 end.
AUD/USD: Australian Unemployment Rate
The Aussie fell against the Grenback on the weaker-than-anticipated report on the Australian labour market report. The AUD/USD exchange rate declined 0.22% or 17 base points to the 0.7953 mark, but managed to return into the 0.7970 area.
The Australian Bureau of Statistics stated that the country’s jobless rate was registered at a seasonally adjusted 5.5% in December, which was above expectations for November’s unchanged 5.4%. The report additionally showed that the Australia’s economy added 34.7K positions in the reported month, beating forecasts for a 15.1K gain. More Australians were looking for work, while employees are actively hiring, the reason why the consumer confidence reached the four-year high.
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