Today’s Key Market Drivers – 10th July 2017
The Canadian Dollar got another boost on Friday after its June jobs numbers beat expectations with 45,000 jobs created in June and the official unemployment rate falling to 6.5% from 6.6%. This backs up the view that interest rates in Canada will likely rise in the coming 12 months and provided the price of Oil does not continue to slide I believe the Canadian Dollar will likely continue to rise against the Aussie and Kiwi Dollars as both the RBA and RBNZ will hold interest rates steady or even drop them in coming quarters.
The US Dollar rebounded against the Euro and Pound on Friday following the release of a better than expected June jobs report that backs up the view of the US Fed that the economy is ready for further interest rate increases even without inflation rising. The US Labor Department said on Friday the US economy added 222,000 jobs in the month of June, which exceeded leading economists expectations of 178,000.
Looking at this week’s economic calendar the Bank of Canada is the only major Central Bank reporting and does so at midnight AEST on Wednesday. Janet Yellen testifies before Congress on Wednesday, which will be closely eyed for any comments about the future of US interest rates. The Fed has said that it plans to lift the official cash rate another notch before the end of the year. Friday is shaping up to be the busiest day of the week for high impacting news with Yellen speaking before a Senate Banking panel along with the release of the latest US Retail Sales, CPI, Industrial Production and Michigan Consumer Confidence survey.
TIA today has not added any new pending orders, however, has adjusted the stop loss on the EUR v AUD and GBP v USD live orders. Please refer to your Trade Time App for the specific adjustment numbers.
About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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