Macro Trades: USD/CAD, GBP/USD

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD: Canadian CPI

The US Dollar depreciated against the Canadian Dollar, following the Canadian CPI data release on Wednesday at 12:30 GMT. The USD/CAD exchange currency rate lost 16 pips or 0.12% right after the release. The Greenback continued trading at the 1.3250 level against the US Dollar.

Statistics Canada released the Canadian CPI data, which came out better-than-expected of negative 0.1% compared with the forecast of negative 0.2%.

According to the official release: "Consumer prices for gasoline fell 10.2% in the 12 months to August, following a 6.9% decline in July. In contrast, natural gas prices rose 5.8% year over year in August, up from a 3.2% increase in July. Air transportation prices rose 10.3% year over year in August after increasing 4.6% in July. Canadians paid 6.5% less for fresh vegetables in August compared with July, marking the largest month-over-month decline in five years. The cost of meat grew 4.8% on a year-over-year basis in August, after rising 5.5% in July."

GBP/USD: UK CPI

The British Pound depreciated against the US Dollar, following the UK CPI data release on Wednesday at 08:30 GMT. The GBP/USD exchange currency rate lost 11 pips or 0.09% right after the release. The British Pound continued trading at the 1.2450 level against the Greenback.

The Office for National Statistics released the UK CPI data, which came out worse-than-expected of 1.7% compared with the forecast of 1.8%.

According to the official release: "The largest downward contributions to the change in the CPIH 12-month rate between July and August 2019 came from a range of recreational and cultural goods and services (principally games, toys and hobbies, and cultural services), clothing and sea fares. Rises in air fares resulted in the largest, offsetting, upward contribution to change."

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