Canadian Dollar Drops On Falling Oil Prices
2019年10月31日 - 04:24PM
RTTF2
The Canadian dollar declined against its most major counterparts
in the European session on Thursday, as oil prices dropped after
official data showed that China's factory activity slipped to an
eight month-low in October, raising fresh concerns of lower fuel
demand.
Crude for December delivery declined $0.08 to $54.98 per
barrel.
The manufacturing PMI fell to 49.3 from 49.8 a month ago.
China's service sector also logged weaker growth in October, with
the corresponding index coming in at 52.8, down from 53.7 in
September.
The U.S. Energy Information Administration reported Wednesday
that crude inventories rose 5.7 million barrels in the week to Oct.
25, more than twice the expected jump.
Trade worries intensified after China expressed worries about
reaching a comprehensive long-term trade deal with the U.S.
The Bloomberg reported that China cautioned of a long-term trade
deal with U.S., triggering uncertainty over an interim trade deal
that was almost finalized.
The loonie dropped to 82.16 against the yen, its lowest since
October 16. The next likely support for the loonie is seen around
the 80.5 level.
The Bank of Japan maintained its policy rates but it signaled
further monetary easing going forward.
The central bank said short and long-term interest rates are
expected to remain at their current or lower levels as long as it
is necessary to achieve its price stability target.
The loonie edged lower to 1.3178 against the greenback, down
from a high of 1.3149 it touched at 3:00 am ET. On the downside,
1.33 is possibly seen as the next support level for the loonie.
The loonie fell to 1.4720 against the euro, a level unseen since
August 29. The loonie may challenge support around the 1.48
level.
Flash estimates from the Eurostat showed that Eurozone's
inflation slowed in October to its lowest level in nearly three
years.
The consumer price index rose 0.7 percent year-on-year following
a 0.8 percent increase in September. The inflation rate was in line
with economists' expectations.
In contrast, the loonie recovered to 0.9076 against the aussie,
from a 1-1/2-month low of 0.9120 seen at 10:00 pm ET. The loonie is
likely to face resistance around the 0.89 region, if it gains
again.
Data from the Australian Bureau of Statistics showed that
Australia building approvals rose a seasonally adjusted 7.6 percent
on month in September - coming in at 14,004.
That beat expectations for a flat reading following the 1.1
percent drop in August.
Looking ahead, Canada GDP data for August, U.S. weekly jobless
claims for the week ended October 26, personal income and spending
data for September will be featured in the New York session.
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