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Markets waiting for the FOMC, Oil Up, Canadian Dollar Better

By MoneyWay | Nov 22, 2017

MoneyWay Analysts Report:

Today’s drop in oil inventories and weaker US economic data allowed the Canadian dollar to gain slightly against the USD.

Markets however are awaiting to see what the FED says at 11:00 am our time this morning, expect more of the same with a close eye on the inflation numbers.

Expect a narrow range till then.

Support                                                Resistance

USDCAD   1.2713, 1.2691, 1.2678               1.2738, 1.2764, 1.2772

XE analysts Reports:

Link: https://goo.gl/3PLFu4

OVERVIEW

  • Chancellor Hammond plans to spend more over the next couple of years to offset the impact of Brexit.
  • US consumer sentiment index dropped to 98.5 from 100.7 in October as we head towards the Thanksgiving holiday.
  • The Euro demonstrates resilience despite the political uncertainty going into next year.

HIGHLIGHT

The UK budget gave first-time buyers a boost with the stamp duty being axed for up to £300k, while the economic growth estimate was downgraded.

US DOLLAR

The US Dollar is weaker in reaction to the dip in consumer confidence while the Nasdaq index opens at yet another record high.

BRITISH POUND

The Pound edged higher again against the Dollar as the investment into the economy by borrowing more has been generally accepted as a positive for the Sterling. The welcome boost to the housing market with the abolition of stamp duty for first-time buyers of properties under £300k has also helped boost the Pound.

EURO

The Euro steadied again despite the imminent elections in Germany into next year and the fact that Merkel looks weaker.

CANADIAN DOLLAR

The Loonie is stronger against the US Dollar today after a sharp move higher in the price of crude oil and a weaker US Dollar. The price of crude spiked higher, trading at $58 for the first time since mid-2015.

AUSTRALIAN DOLLAR

The Aussie Dollar is largely unchanged today as markets continue to watch very closely for any change in the outlook for the future in iron ore, and any indications of a further narrowing in the interest rate differential which previously made the Aussie attractive as a source of yield.

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