USDJPY: Building Permits
|USD/CAD: Manufacturing Sales
Wednesday's release from the Statistics Canada boosted the appreciation of the Canadian Dollar. Analysts expected Canada's manufacturing sales to show a monthly increase of 0.9% in May, which would determine the strength of future investment, hiring and spending. The data pleased analysts' expectations, coming in at a better-thanexpected 1.1% pace, pointing to the healthy activity during the Q2. As it can be seen on the chart, the USD/CAD exchange rate moved to the upside only by five base points at the moment the data release was published. The report showed that the strong figures were mainly supported by expanding chemical manufacturing industries and an advance in transportation equipment. For the day, the USD/CAD fluctuated between the 1.25 and 1.26 marks, finishing at 1.2606.
USD/JPY: Building Permits
Monthly data on the US Building Permits contributed to the second straight day of gains in the USD/JPY currency pair. Experts anticipated the number of building approvals to rebound to 1.20M in June, expecting an increase in future construction despite higher costs for materials. The report showed that housing sector strengthened as building permits and housing starts advanced more than expected to 1.25M and 1.22M, respectively. It can be noticed on the chart that the USD/JPY exchange rate moved 0.4% higher when the data was released. Strong figures suggested that builders continued to be confident in the US housing industry's ability to keep expanding, while demand for new lots outpaced market supply. The USD/JPY ended Wednesday's session at 111.96.
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