Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 15, 2021


Yesterday, USDCAD dropped from 1.2708 down to 1.2630, effectively retesting last week's low / a 33 month low before settling near 1.2645. Overnight, the USD broadly gained as equity markets declined along with commodity prices. The catalyst appears to have been the Biden announcement of the $1.9 trillion stimulus plan. Although the USD has been weakening for several months on the assumption there would be another significant government spending plan, some analysts view the plan as USD positive as the U.S. economy is expected to grow at a faster pace in 2021. In turn, inflation could rise towards the Fed's 2% target in a matter of months putting doubt as to how long the Fed can maintain its ultra-low interest rate policy. The USD index DXY is back up trading near 1 month highs. After yesterday's retest of the 2021 low / 33 month low @ 1.2630, USDCAD has climbed to 1.2764 this morning. Monday's high / 2021 high is 1.2835.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 13, 2021


The USD/CAD pair edged higher during the early European session and climbed to fresh session tops, around the 1.2725-30 region in the last hour. The pair managed to find some support ahead of the weekly lows and for now, seems to have stalled this week's sharp pullback from the 1.2835 region, though lacked any strong follow-through. A combination of factors might hold back investors from placing aggressive bullish bets and keep a lid on any meaningful upside for the USD/CAD pair. Crude oil prolonged the recent strong bullish run and rose for the seventh consecutive session on Wednesday. The momentum was supported by Tuesday's API data that showed a larger-than-expected drop in US inventories and pushed spot prices to the highest level since February. This, in turn, was seen underpinning the commodity-linked loonie. On the other hand, the US dollar was weighed down by the ongoing pullback in the US Treasury bond yields and the underlying bullish sentiment in the global financial markets. Meanwhile, the global risk sentiment remained well supported by hopes for a strong global economic recovery and expectations of a more aggressive US fiscal spending in 2021. Investors remained hopeful that President-elect Joe Biden would push for a multi-trillion stimulus package when he and his administration take office on January 20.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 12, 2021


Stock futures rose Tuesday morning, setting up the three major indices to recover some of Monday's losses.

Equities fell at the start of the week to give back some of last week's record-setting advances. Twitter (TWTR) shares stabilized in pre-market trading after closing at a one-month low, after the company banned President Donald Trump from the platform and stirred up concerns over increased regulatory scrutiny and impacts to user growth.Traders have been assessing the path forward for the stock market, weighing the additional stimulus that will likely come to fruition under a unified Democratic government against the ongoing surge in COVID-19 cases and hospitalizations across the country. Fifty percent of the U.S. population will likely receive their first dose of a COVID-19 vaccine by May, Goldman Sachs economists said in a note Monday.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 11, 2021


The USD/CAD pair caught some aggressive bids during the early North American session and shot to fresh two-week tops, around the 1.2835 region in the last hour. A combination of supporting factors assisted the pair to gain strong positive traction on the first day of a new trading week and move away from multi-year lows, around the 1.2630 region set last week. The USD remained well supported by the recent strong rally in the US Treasury bond yields, triggered by the increasing likelihood of additional US fiscal stimulus measures. Investors started pricing in the prospects for a more aggressive US fiscal spending in 2021 following the Democratic sweep in the US Senate runoff elections in the state of Georgia. Expectations of a larger government borrowing pushed the yield on the benchmark 10-year government bond to the highest level since March and continued benefitting the greenback. Apart from this, concerns about the continuous surge in new coronavirus cases and the imposition of strict lockdown restrictions in Europe/China tempered the recent optimism. This, in turn, dented investors' appetite for perceived riskier assets and led to a sharp pullback in the equity markets, which provided an additional boost to the safe-haven USD. On the other hand, concerns about global fuel demand were evident from a weaker tone surrounding crude oil prices. In fact, WTI crude was down around 0.40% for the day, which was seen as another factor that undermined the commodity-linked currency – the loonie – and remained supportive of the USD/CAD pair's strong intraday positive move.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 08, 2021


Yesterday, USDCAD climbed from 1.2664 up to 1.2734 before falling back to 1.2675-1.2695. Overnight, the USD broadly gained heading into the release of the employment data. Both U.S. and Canada lost jobs last month although Canada added 36,000 full time jobs at the expense of nearly 100,000 part time jobs. The initial reaction in the markets saw the USD weaken across the board taking USDCAD down to session lows near 1.2660. The move was short-lived as the USD has since climbed to session highs taking USDCAD up to 1.2721. Equity markets had a strong open with the S&P and NASDAQ hitting new historical highs. Stocks have since eased lower with the DJIA and TSX in the negative. U.S. 10 year yields continue to surge trading at 1.1% - the highest in nearly 9 months. The dollar index (DXY) has regained the 90 level (highest since Dec. 29th) after falling towards a 3 year low @ 89.20 two days ago.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 06, 2021


The USD/CAD pair closed in the positive territory on Tuesday as surging crude oil prices helped the CAD outperform its rivals. With the oil rally remaining intact and the greenback struggling to find demand, the pair extended its slide and touched its lowest level since April 2018 at 1.2630. Since then, the USD has rebounded and is up 0.21% trading currently at 1.27. Following the two-day OPEC+ meeting, Saudi Arabia announced on Tuesday that they will be voluntarily cutting their output in February and March, which will amount to 1 million barrels per day. The barrel of WTI gained more than 5% and preserved its bullish momentum on Wednesday. At the moment, WTI is trading at its highest level in more than 10 months, rising 0.75% on the day at $50.33. On the other hand, the risk-on market environment makes it difficult for the greenback to find demand. In the meantime, the 10-year USD Treasury bond yield is up more than 7% on Wednesday as investors price in a Democratic majority in the Senate. If the US T-bond yields continue to push higher, the USD could find some demand.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver January 5, 2021


Stock futures drifted sideways Tuesday morning as investors awaited results from the Georgia Senate runoff elections and nervously eyed worsening COVID-19 trends in the U.S. and abroad.

Contracts on the Dow edged lower in the early session, after the index dropped 1.25% on Monday for its worst start to a year since 2016. S&P 500 and Nasdaq futures also fluctuated between mild losses and gains.

Traders are closely watching developments around Georgia's Senate runoffs, with these elections set to determine control over the chamber and the balance of power in Congress. So far, investors have largely assumed that Republicans will maintain control of the Senate, albeit with a very narrow majority, given the party's recent tendency to win Senate seats especially in off-cycle elections. Still, polls so far have shown a razor thin lead for both Democratic candidates. Voting for the elections ends on Tuesday.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 24, 2020


Stock futures headed toward a slightly higher open ahead of the final trading day of the holiday-shortened week.

The U.S. stock market will close early at 1 p.m. on Thursday, and the bond market will close at 2 p.m. in observation of Christmas Eve. Both the stock and bond markets will close all day on Friday for Christmas Day.

As of Thursday, the period of the typical "Santa Claus rally" had begun. This marks the last five trading days of December and the first two of the new year, when stocks tend to rise amid a wave of optimism around the holiday season and new year. According to LPL Research, stocks were higher over the seven-day trading period 77.9% of the time since 1950.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 23, 2020


USD weakness and a solid pick up in the market's appetite for risk as reports coming out of the UK indicate that a Brexit deal is close at hand has put USD/CAD under pressure and sent the pair below the 1.2850 mark, after it already crossed below the 1.2900 level during Wednesday's Asia Pacific session. Strength in crude oil prices, which has seen WTI gain roughly $1 and rise above the $48.00 level again is also helping the loonie, while October GDP numbers have largely gone under the radar. At present, USD/CAD is trading lower by about 50 pips or around 0.35% on the day.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 22, 2020


Stock moved higher at the open Tuesday morning after lawmakers voted to approve a long-awaited virus relief package, offering funds to help support many of the individuals and businesses hardest-hit by the coronavirus pandemic.

All three major indices were slightly higher, reversing some losses from earlier during the overnight session.

A day earlier, the Dow had shed more than 400 points, or 1.4%, before recovering losses to end slightly higher during a volatile session. Concerns over a new strain of the coronavirus identified in the UK, and a host of new travel restrictions to and from the region that ensued, were at the center of investor jitters.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 17, 2020


U.S. stocks rose rose amid hopes Congressional leaders are getting close to forging a stimulus package ahead of a crucial vote on government spending legislation due later this week.

With the final details of nearly $900 billion in coronavirus aid still under debate, the S&P 500 and tech-heavy Nasdaq 100 both added around 0.5%. The yield on 10-year Treasuries climbed above 0.9% and the dollar extended losses.

In Europe, cyclical shares such as miners and retailers rose on news that the rollout of a Covid vaccine would begin this month. The pound climbed and the euro rose to the highest since April 2018 as officials cautiously predicted a Brexit deal within days.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 16, 2020


The USD/CAD pair edged higher through the mid-European session and refreshed daily tops, around the 1.2755 region in the last hour. Having shown some resilience below the 1.2700 mark, the pair managed to gain some positive traction on Wednesday and has now recovered the previous day's fall to the lowest level since April 2018. The uptick lacked any obvious fundamental catalyst and could be categorized as a short-covering bounce from near-term oversold conditions. Meanwhile, a modest pullback in crude oil prices, from the highest level since early March, undermined the commodity-linked currency, the loonie, and extended some support to the USD/CAD pair. That said, the prevalent bearish sentiment surrounding the USD might keep a lid on any strong recovery for the pair, at least for the time being. The global risk sentiment remained well supported by the recent optimism about the rollout of vaccines for the highly contagious coronavirus disease and hopes for a Brexit deal. Adding to this, expectations the Fed will increase its bond-buying program exerted some additional downward pressure on the greenback through the major part of the trading action on Wednesday. Hence, investors will keep a close eye on the highly anticipated FOMC monetary policy update, scheduled to be announced later during the US session.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 15, 2020


Stock futures rose Monday morning as more updates on the stimulus front out of Washington helped at least temporarily offset concerns over the potential for more virus-related restrictions.

Contracts on the S&P 500 ticked up by about 0.6%, after the index logged a fourth straight session of declines a day earlier. Dow futures rose by about 150 points, or 0.5%, and Nasdaq futures increased 0.4%.

COVID-19 cases and hospitalizations continued to march higher across the U.S., and the country crossed the grim milestone of 300,000 total COVID-related deaths on Monday.

Though the first batch of Pfizer's (PFE) vaccine started getting distributed this week, Americans are still set to contend with the virus for at least the next several months as drugmakers produce and ship the inoculations across the country and the world. Goldman Sachs economists said in a note Monday they expect 50% of the U.S. population could likely be vaccinated in April.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 14, 2020


After spending the first half of the day moving sideways near 1.2770, the USD/CAD pair came under bearish pressure and touched a daily low of 1.2720, but has since then moved back up to a daily high of 1.2787. Rising crude oil prices help the commodity-related CAD gather strength against its major rivals at the start of the week. With coronavirus vaccines receiving approval for emergency use, investors continue to price a steady recovery in energy demand in 2021. On the other hand, the upbeat market mood, as reflected by sharp upsurges witnessed in major global equity indexes, is making it difficult for the greenback to find demand as a safe-haven.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 10, 2020


Stock dipped Thursday morning after a new report showed new jobless claims resurged to more than 850,000 last week, as a wave of coronavirus cases and more virus-related restrictions unwound some of the progress in the labor market's recovery. The S&P 500 and Dow each turned negative after holding flat to slightly positive earlier in the morning. The Nasdaq underperformed for another session, as tech stocks came under renewed pressure. Shares of Facebook (FB) added to losses in early trading after the U.S. Federal Trade Commission and 48 attorneys general filed an antitrust lawsuit against the social media giant on Wednesday.

Concerning new economic data added to traders' jitters. New jobless claims came in at 853,000 last week, for a print well above the 725,000 expected. Continuing claims also unexpectedly rose, underscoring the increasing economic toll from the latest surge in coronavirus cases as lawmakers stall in passing a new round of relief measures.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 9, 2020


As expected, the Bank of Canada announced on Wednesday that it left its key rate unchanged at 0.25% following its December policy meeting and said they'll leave it there until economic slack is absorbed and inflation is back to the 2% target. They also restated their plan to buy at least C$4 billion a week in Canadian government bonds until the recovery is well underway. The bank will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2% inflation target is sustainably achieved. In their October projection, this does not happen until into 2023. Wednesday's decision shows Macklem has little inclination to alter the central bank's approach to providing as much support as possible to an economy battered by a resurgence of Covid-19 cases. Growth in the third quarter was weaker than the bank had predicted, and it may take another hit in the fourth after new lockdowns were imposed in some regions. At the same time, there's little evidence policy makers want to provide additional support to a recovery threatened by a strengthening CAD, increased restrictions as Covid-19 cases rise, and a pick-up in market interest rates. The central bank said positive news on vaccine developments was reassuring. The CAD is hovering at its strongest level in more than two years, reflecting in large part broad U.S. dollar weakness.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 8, 2020


Stock opened lower Tuesday morning but still hovered near record levels, as investors weighed rising coronavirus cases in the U.S. against optimism over a stronger recovery in 2021.

The Dow and S&P 500 each extended Monday's modest losses, while those on the Nasdaq fell after closing Monday at a record high.

Investors this week have been closely monitoring developments out of Washington, with lawmakers still working to agree on measures to fund the government and provide another virus relief package. Lawmakers are poised to vote Wednesday on a continuing resolution to push back a deadline to fund the government from Friday to next week in order to avoid a government shutdown.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 8, 2020


Stock opened lower Tuesday morning but still hovered near record levels, as investors weighed rising coronavirus cases in the U.S. against optimism over a stronger recovery in 2021.

The Dow and S&P 500 each extended Monday's modest losses, while those on the Nasdaq fell after closing Monday at a record high.

Investors this week have been closely monitoring developments out of Washington, with lawmakers still working to agree on measures to fund the government and provide another virus relief package. Lawmakers are poised to vote Wednesday on a continuing resolution to push back a deadline to fund the government from Friday to next week in order to avoid a government shutdown.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 3, 2020


Contracts on the three major indices hovered near the flat line Thursday morning.

The S&P 500 eked out another all-time closing high at the end of a muted trading day on Wednesday, as investors paused after November's breakneck rally.

More upbeat news around drugmakers' coronavirus vaccines emerged this week, though these did not trigger the outsized moves in the broader market seen last month. Britain became the world's first country to grant emergency authorization for Pfizer and BioNTech's COVID-19 vaccine and is set to begin shots within days. Though emergency use authorization of the vaccine is still being reviewed in the U.S. by the Food and Drug Administration, officials have expressed optimism about first doses getting rolled out in the middle of December.

Read more

Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver December 2, 2020



The USD/CAD extended its slide during the Asian & European trading hours on Wednesday to touch its lowest level in two years at 1.2916. Ahead of the American session, the pair started to erase its losses and was last seen gaining 0.12% on the day at 1.2947. The heavy selling pressure surrounding the USD caused USD/CAD to remain bearish since the beginning of the week. The risk-positive market environment weighed on the US Dollar Index and dragged it to a fresh 31-month low. However, the poor performance of major European equity indexes and the 0.25% decline witnessed in the S&P 500 Futures seem to be helping the greenback stay resilient against its peers. Meanwhile, the commodity-sensitive loonie is struggling to find demand amid falling crude oil prices as investors await clarity on the output strategy of OPEC+ in 2021.

Read more

B90fe1ad36

Follow us




Follow us on Twitter @vbcefx


Disclaimer


The information and opinions contained herein are gathered from sources which are thought to be reliable but the reader should not assume that the information and opinions are official or final. VBCE makes no warranty concerning the accuracy of the information and opinions, and accepts no liability for the consequences of any actions taken on the basis of the information and opinions provided. The content is for general information only and does not constitute in anyway giving financial advice.