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.
Others concern that they have a brain lump otherwise that they have a quantity of grow of mental illness. When the mucus is not drained, it accumulates and brings pressure to your middle ear, preventing you from hearing properly and sometimes producing sounds that aren’t really there. Tinnitus miracle serves as a manual that will educate you on how to cure your tinnitus for good.
naturally like your web site but you need to test the spelling on several of
your posts. A number of them are rife with spelling issues and I find it
very troublesome to tell the reality however I will surely come back
again.
We will also present you what you need to know about Clash of Clans cheats and hacks so you don’t get rid of your account or get banned.
Howdy just wanted to give you a quick heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different web browsers and both show the same results.
Please let me know if you’re looking for a article author for your site. You have some really good articles and I feel I would be a good asset. If you ever want to take some of the load off, I’d really like to write some content for your blog in exchange for a link back to mine. Please send me an e-mail if interested. Cheers!
WOW just what I was looking for. Came here by searching for how to find a single man
There is even a great approach to start working, it’s going to be leaning towards her head and I am blessed with and wonderful family and vitality. Western medicine believes that the NHS’s approval of the treatment procedure but there are other acupuncture techniques that use traditional Chinese acupuncture and medicine when pills and doctors can’t help. In Buddhism, for example, requiring that sensual massage massage therapists find themselves in.
Promoting through social media sites is a new way that offers a lot to your business, for free.
Anyone can successfully promote their businesses by using social media sites, and the plus side is that the potential for customers is limitless.
This article is your ticket onto the social media gravy
train.
It’s difficult to find knowledgeable people on this
subject, but you sound like you know what you’re talking about!
Thanks
Pingback: earn money online