The Canadian dollar weakened against the other major currencies in the Asian session on Friday as oil prices declined, extending the brutal recent losses amid rising U.S. inventories.
Crude oil for January delivery are currently down $0.18 to $34.77 a barrel. Oil futures settled below $35 a barrel for the first time in six years Thursday.
“At 490.7 million barrels, U.S. crude oil inventories remain near levels not seen for this time of the year in at least 80 years,” said the Energy Information Administration yesterday.
Moreover, the Federal Reserve’s interest rate hike on Wednesday also weighed on the price of oil due to the dollar’s strength and fears that higher interest rates will weaken demand.
Meanwhile, the U.S. Labor Department released a report on Thursday showing a pullback in initial jobless claims in the week ended December 12th. The report said initial jobless claims fell to 271,000, a decrease of 11,000 from the previous week’s unrevised level of 282,000. Economists had expected jobless claims to pull back to 275,000.
Thursday, the Canadian dollar fell 1.00 percent against the U.S. dollar and 0.84 percent against the yen. Meanwhile, the loonie rose against the euro and held steady against the Australian dollar.
In the Asian trading, the Canadian dollar fell to a 4-day low of 87.74 against the yen, from yesterday’s closing value of 87.93. The loonie may test support near the 86.00 region.
Against the U.S. and the Australian dollars, the loonie dropped to 1.3954 and 0.9946 from yesterday’s closing quotes of 1.3936 and 0.9932, respectively. If the loonie extends its downtrend, it is likely to find support around 1.40 against the greenback and 1.00 against the aussie.
The loonie edged down to 1.5127 against the euro, from yesterday’s closing value of 1.5085. On the downside, 1.52 is seen as the next support level for the loonie.
Looking ahead, Eurozone current account data for October is due to be released at 4:00 am ET.
Also at 4 am ET, Austrian central bank chief Ewald Nowotny is expected to speak at press conference on Financial Stability Report, in Vienna.
In the New York session, Canada wholesale sales data for October and CPI data for November and Markit’s flash U.S. PMI reports for December and U.S. Baker Hughes weekly rig count data are slated for release.
At 1:00 pm ET, Richmond Federal Reserve Bank President Jeffrey Lacker is due to speak about the economic outlook for 2016 at the Charlotte Chamber of Commerce.
I absolutely love your blog.. Excellent colors & theme.
Did you develop this site yourself? Please reply back as I’m wanting to create my own blog and
would like to know where you got this from or exactly what the
theme is called. Thanks!
With havin so much content and articles do you ever run into any problems of plagorism or copyright infringement? My site has a lot of completely unique content I’ve either written myself or outsourced but it seems a lot of it is popping it up all over the web without my agreement. Do you know any techniques to help stop content from being stolen? I’d genuinely appreciate it.
It’s very simple to find out any matter on web as
compared to books, as I found this article at this web page.
What i don’t understood is in fact how you are no longer actually a lot more well-preferred than you might be now.
You’re so intelligent. You already know therefore significantly in the
case of this topic, produced me for my part imagine it from so many varied angles.
Its like men and women aren’t involved unless it is something to accomplish with
Girl gaga! Your personal stuffs great. At all times handle it up!
You can create wide options for your wedding dress by remaining within the budget. Suzanne Bradley is a freelance writer who writes about weddings, often focusing on a specific aspect of weddings such as flower girl dresses. Because the socks will give you comfort, improve your performance, minimize injuries, and keep your feet warm when you’re out there, you have to own up to the fact that you need to wear them. Among the good things about that buying wedding and Bridesmaids Dresses Brisbane online is that it is a lot more hassle-free for you. Yes it is but there are a lot of scammers on the web and you must be cautious. And for such look, they use to be very particular about their wearing.
I’ve been exploring for a little for any high quality articles or weblog posts in this kind of area . Exploring in Yahoo I finally stumbled upon this site. Reading this info So i am glad to show that I’ve a very good uncanny feeling I discovered exactly what I needed. I most for sure will make sure to do not fail to remember this web site and give it a look on a constant basis.
On high of that bamboo floors are stylish and putting in one can grow to be a focal point of conversation at events and even turn into a status image in some circles depending on how impressed your folks are that you simply made the environmental choice.
Pingback: Best solicitor in London
Pingback: app ideas
With Automagram Hashtags for Android, you can simply locate the common hashtags corresponding to a hashtag you would use.