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Canadian Dollar Edges Higher Against Greenback, Euro And Yen 29 days ago
(RTTNews) - Friday, the Canadian dollar climbed against the US dollar, the European currency and the Japanese yen as oil prices climbed toward $80 a barrel today.
U.S. crude for December delivery crept up 32 cents to $79.94 a barrel by 2:42 a.m. EST, after shedding 78 cents to settle at $79.62 on Thursday.
London Brent crude rose 44 cents to $78.43.
Oil traders often look to stock markets for a sense of overall investor sentiment, and the Dow Jones industrial average rose 2.1 percent Thursday on better-than-expected jobless claims numbers and positive forecasts by Cisco Systems Inc. All major Asia indexes were also up in Friday trading.
At 7:00 am ET, the Canadian unemployment report for October has been slated for release. An increase of 10,000 jobs is expected, compared to an increase of 30,600 a month earlier. The unemployment rate is expected to remain at 8.5%.
Against the US dollar, the Canadian currency edged higher during early deals on Friday. At 3:55 am ET, the loonie reached a high of 1.0616 against the greenback, compared to 1.0654 hit late New York Thursday. The next upside target level for the loonie is seen around 1.054.
The Canadian dollar that closed Thursday's North American session at 1.5844 against the European currency climbed to 1.5807 at 3:35 am ET Friday. The euro-loonie pair is currently trading at 1.5821 with 1.573 seen as the next target level.
The French trade deficit declined to EUR 1.75 billion in September from EUR 2.17 billion recorded in August, the Customs Office reported today. The expected shortfall was EUR 3 billion.
Against the Japanese yen, the loonie gained ground after hitting a low of 84.93 at 1:45 am ET Friday. The loonie-yen pair is presently trading at 85.31, compared to Thursday's closing value of 85.21. If the pair gains further, 86.3 is seen as the next target level.
The Japanese leading index rose to 86.4 in September from 83.2 in August, a preliminary report from Cabinet Office showed today. The leading index improved for the seventh consecutive month and stood above the expected level of 86.2.
At the same time, the coincident index stood at 92.5, up from 91.2 in August. The reading came in line with economists' expectations. The preliminary estimate showed that the lagging index climbed 0.3 points to 84.5 in September.
The Canadian dollar that reached a high of 0.9715 against the Australian currency at 2:05 am ET Friday weakened thereafter. The loonie is now trading at a 3-day low of 0.9750 against the aussie. On the downside, 0.980 is seen as the next target level for the Canadian dollar. The pair closed Thursday's New York deals at 0.9700.
The Aussie rose today as the Reserve Bank of Australia boosted its forecasts for economic growth for the coming year and indicated more interest rate increases are on the way.
In its quarterly Statement on Monetary Policy, the central bank's forecast of GDP growth was expanded to 1.75 percent to the end of calendar year 2009, compared to its previous forecast of 0.5 percent growth.
The RBA said it projects growth in 2010 will rise to 2.25 percent for the year to June and 3.25 percent by the end of 2010. The bank's August forecast predicted a growth rate of 1.0 percent to mid-2010 and 2.25 percent for full 2010.
On the future of interest rates, the RBA strongly hinted that more rate hikes were on the horizon, following increases of 0.25 percent at each of the last two monthly meetings.
Looking ahead, the German factory orders report for September is due at 6:00 am ET.
From the U.S., the Labor Department is scheduled to release its monthly non-farm payroll report at 8:30 am ET. Economists estimate that the U.S. economy lost 175,000 jobs in October and look for an unemployment rate of 9.9%.
The Commerce Department is due to release its wholesale inventories report at 10 am ET. Economists expect wholesale inventories at the end of September to show a 1% decline.
At 3:00 pm ET, the U.S. Federal Reserve is expected to release its monthly consumer credit report. Consumer credit for September is likely to show a decline of $10.3 billion.
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