USD/CAD: Canadian Overnight Rate

The US Dollar appreciated against the Canadian Dollar, following the Canadian Overnight Rate data release on Wednesday at 14:00 GMT. The USD/CAD exchange currency rate gained 28 pips or 0.21% right after the release. The Greenback continued trading at 1.3130 the level against the Canadian Dollar.

Bank of Canada released the Canadian Overnight Rate data , which came out in line with the expectations of 1.75%. Note, that BOC Monetary Policy Report and Rate statement were released at the same time.

According to the official release: "Policy is responding to the slowdown: central banks in the US and Europe have signaled their readiness to provide more accommodative monetary policy and further policy stimulus has been implemented in China. In this context, global financial conditions have eased substantially. The Bank now expects global GDP to grow by 3 percent in 2019 and to strengthen to around 3 ¼ percent in 2020 and 2021, with the US slowing to a pace near its potential. Escalation of trade conflicts remains the biggest downside risk to the global and Canadian outlooks."

USDCAD

 

GBP/USD: UK GDP and Manufacturing Production

The British Pound traded sideways against the US Dollar, following the GBP data release on Wednesday at 08:30 GMT. The GBP/USD exchange currency rate gained 5 pips or 0.04% right after the release. The British Pound continued trading at the 1.1.2475 level against the Greenback.

The Office for National Statistics released the UK GDP data , which came out in line with the expectations of 0.3%. Note, that the UK Manufacturing Production data was released at the same time. The data came out worse-than-expected of 1.4% compared with the forecast of 2.2%.

According to the head of GDP Rob Kent-Smith: "GDP grew moderately in the latest three months, with IT, communications and retail showing strength. Despite this, there has been a longer-term slowdown in the often-dominant services sector since summer 2018. The economy returned to growth in the month of May, following the fall seen in April. This was mainly due to the partial recovery in car production."

GBPUSD

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 

EUR/USD News

GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.

GBP/USD News

XAU/USD drops $50 from record highs to the $2020 area

Gold prices are falling sharply on Friday, trading below $2040/oz at the moment. Earlier on Friday, the yellow metal reached at $2075, a new record high.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI drops 1% to $41.50 ahead of US NFP, rigs data

WTI (futures on Nymex) is on a steady decline so far this Friday, undermined by reduced demand for higher-yielding assets amid the renewed US-China tensions induced risk-aversion.

Oil News

Forex Majors

Cryptocurrencies

Signatures