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.
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.
Recommended Content
Editors’ Picks
EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.