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.
Pingback: gps fleet tracking software
Update yourself on phrases commonly used for example ‘intraday’ and’ overnight placement,’ which pertains to trading
times, within the Forex Currency Trading planet.
Thanks for every other excellent post. Where else may anybody get that type of
info in such a perfect method of writing?
I’ve a presentation next week, and I am at the search
for such information.
Hello just wanted to give you a quick heads up and let you know
a few of the images aren’t loading properly. I’m not sure why but I think its
a linking issue. I’ve tried it in two different browsers and
both show the same results.
Everything is very open with a clear explanation of the issues. It was truly informative. Your website is useful. Thanks for sharing!
The troops in the clan castle offer not only to attack however additionally in protection as well as can be utilised by all participants of the clan.
If you and also your wife-to-be both have earnings, and no kids, your combined income tax return will have pretty comparable results
to your specific returns from before obtaining
married.
You could obtain a reading from among our phone psychics or via a
psychic chat – whatever works ideal for you.
Some but not all states acknowledge a state tax law
matching to an S corporation, to make sure that the S company in particular states
may be relieved similarly for state revenue tax obligation objectives as it is
treated for Federal objectives.
There are additionally tax obligation consequences of repossession that you
must understand prior to you deciding to let your house enter repossession.