Dukascopy Bank Team
Dukascopy Bank SA
EUR/USD: German ZEW Economic Sentiment
The Euro continued depreciation against the US Dollar, as the ZEW report showed notable weakening in the German investors’ confidence. The EUR/USD fell initially just by 4 base points to continue the trading session below the 1.1768 level.
The Mannheim-based Centre for European Economic Research stated that its German Economic Sentiment Index came in at 10.0 points for August, showing a decline for the third consecutive month. A decrease was fuelled by concerns over the further expansion of the Germany’s economy, as the scandal in the country’s automobile sector was likely to affect the stability of growth. On the contrary, the current situation in the Euro zone was evaluated much higher than expected.
USD/CAD: Retail Sales
Tuesday’s reports on Canadian retail sales and core retail sales were in overall strong enough to result in a 34 base points fall of the USD/CAD exchange rate. However, by the end of the session the pair returned to the levels seen before the release. The Greenback is expected to keep trying to get stronger footing against the CAD in the absence of Canadian economic data today.
Statistics Canada said that the country’s retail sales growth slowed more than expected to 0.1% in June from a downwardly revised 0.5% rise in the prior month, while the core measure increased strongly 0.7% after 0.1% drop in the same period. The latest report confirmed expectations for the Bank of Canada to raise interest rates once again in October.
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