Forex Preview: CAD Skyrockets 2.7 % Against the JPY On Stronger Oil and Softer Dollar

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1. Canadian Dollar Skyrockets On Stronger Oil and Softer Dollar
The Canadian Dollar skyrocketed by 2.7 percent against the Japanese Yen on Monday morning despite retail sales falling unexpectedly in December. The CAD was last seen trading 2.7% higher against the JPY at 84.27 as of 8:15 GMT. Trade optimism offset the data miss as the US dollar remains on the back foot following lower than expected manufacturing data points published last Thursday. The softness of the US dollar boosted oil prices which in turn supported the loonie. Meanwhile, the Bank of Canada (BoC) remains hawkish in the near term, setting it apart from the Fed which had to make a sudden stop to reassess its monetary policy going forward.*

2. Gold Gains As Dollar Sags
Gold prices rose on Monday as the dollar fell against the yuan after U.S. President Donald Trump said he would delay an increase in tariffs on Chinese goods, while palladium surged to a record high. Spot gold (XAUUSD) rose 0.1 percent to $1,329.79 per ounce at 8:15 GMT. The offshore yuan strengthened against the dollar, after hitting its highest level since mid-July, on the news that Trump will not raise tariffs on $200 billion of Chinese imports to 25 percent from 10 percent. Meanwhile, the Aussie dollar also rose on Monday after U.S. President Donald Trump said he will delay an increase in tariffs on Chinese goods. The AUD/USD gained as much as 0.5 percent to $0.7160 as of 8:20 GMT.**

3. EOS Tumbles Along Ethereum.
EOS and Ethereum noted a sharp U-turn against the US Dollar after noting a healthy surge last week. EOS/USD was last seen trading 17% lower at $3.6322 while ETH/USD dipped 15.69% at $140.37 as of 8:25 GMT. This past week, we saw a massive upward move above the $140 and $150 resistances in ETH price against the US Dollar. However, most cryptocurrency traders and enthusiasts had expected some form of correction to kick in. More often than not, such a correction occurs during the weekend, when little to no fresh capital is injected into the markets. It seems this weekend has been a prime target for people looking to cash out profits or trigger a dump of sorts.***

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This Week’s Most Important Upcoming Events:

Time Cur. Event Forecast Previous
Monday, February 25, 2019
10:00  GBP BoE Gov Carney Speaks  
Tuesday, February 26, 2019
10:00  GBP Inflation Report Hearings  
Tentative  GBP U.K. Prime Minister May Speaks
13:30  USD Building Permits (Dec) 1.290M 1.322M
15:00  USD CB Consumer Confidence (Feb) 125.0 120.2
15:00  USD Fed Chair Powell Testifies  
Wednesday, February 27, 2019
13:15  USD ADP Nonfarm Employment Change (Feb) 213K
13:30  USD Core Durable Goods Orders (MoM) (Jan) 0.3% -0.2%
13:30  CAD Core CPI (MoM) (Jan) -0.2%
15:00  USD Fed Chair Powell Testifies  
15:00  USD Pending Home Sales (MoM) (Jan) 0.8% -2.2%
15:30  USD Crude Oil Inventories 3.080M 3.672M
Thursday, February 28, 2019
01:00  CNY Manufacturing PMI (Feb) 49.5 49.5
13:30  USD GDP (QoQ) (Q4)   2.6% 3.4%
Friday, March 1, 2019
01:15  USD Fed Chair Powell Speaks  
01:45  CNY Caixin Manufacturing PMI (Feb) 48.7 48.3
08:55  EUR German Manufacturing PMI (Feb) 47.6 47.6
08:55  EUR German Unemployment Change (Feb) -5K -2K
09:30  GBP Manufacturing PMI (Feb) 52.0 52.8
10:00  EUR CPI (YoY) (Feb)   1.5% 1.4%
13:30  CAD GDP (MoM) (Dec) 0.0% -0.1%
15:00  USD ISM Manufacturing PMI (Feb) 56.0 56.6

 

This Week’s Upcoming Earnings Reports:

Name Symbol Next Earnings Date
United Corporations UNC Feb 25, 2019
Virgin Money Holdings UK PLC VM Feb 25, 2019
Peugeot PEUP Feb 26, 2019
Enagas ENAG Feb 27, 2019
Rio Tinto PLC RIO Feb 27, 2019
ITV ITV Feb 27, 2019
Ferrovial FER Feb 28, 2019
Merlin Entertainments PLC MERL Feb 28, 2019

 

*Source: Reuters, Feb 25, 2019 2:48 AM ET
**Source: Forbes Feb 25, 2019 3:53 AM ET
***Source: Null TX Feb 25, 2019 03:07 AM ET

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