Macro Trades: EUR/USD, USD/CAD

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD: German Flash Manufacturing and Services PMIs

The European Common Currency depreciated against the US Dollar, following the German Flash PMIs survey results release on Monday at 07:30 GMT. The EUR/USD exchange currency rate lost 15 pips or 0.14% right after the release. The Euro continued trading at the 1.0975 level against the US Dollar.

Markit released the German Manufacturing PMI survey result, which came out worse-than-expected of 41.4 compared with the forecast of 44.6.

According to the official release: "The German economy contracted in September, latest flash PMI data showed, as the downturn in manufacturing deepened and service sector growth lost momentum. Job creation meanwhile stalled as firms reported weakening demand and pessimism towards the outlook for activity. The fall in output was accompanied by easing price pressures, with average charges for goods and services rising at the slowest rate for over three years."

USD/CAD: Canadian Retail Sales

The US Dollar appreciated against the Canadian Dollar, following the Canadian Retail Sales on Friday at 12:30 GMT. The USD/CAD exchange currency rate gained 22 pips or 0.17% right after the release. The Greenback continued trading at the 1.3285 level against the Canadian Dollar.

Statistics Canada released the Canadian Core Retail Sales data, which came out worse-than-expected of negative 0.1% compared to the forecast of 0.2%.

According to the official release: "Sales in the retail trade sector advanced for the first time in three months, increasing 0.4% in July to $51.5 billion. Higher sales were reported in 6 of 11 subsectors representing 71% of retail trade. After removing the effects of price changes, retail sales in volume terms were essentially unchanged in July."

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