Hello Dear Viewers,
You know that, The
Canadian dollar is showing a most slight movement on Thursday, after a unstable
volatile movement on Wednesday . presently, the pair is trading at the 1.3420
level. In economic news, OPEC members reached a production cap deal. In the U.S,
it's a busy day now, with two key events – unemployment claims and ISM built-up
PMI. Employment indicators will be in the limelight on Friday, tinted by U.S Non-farm Payrolls and the Canadian Employment Change. Traders should be ready
for some movement from USD/CAD on Friday 2/12/2016.
There was the common drama and fluctuations in oil prices forward
of another OPEC meeting, but this time there was a shock ending. And OPEC
announced that it had reached a production cut agreement. One of the main
sticking points had been Iran's persistence to preserve output at pre-sanction
levels. Saudi Arabia swallowed hard and accepted Iran's demand, pave stone the
path for a production contract by OPEC since 2008. U.S crude has surged 6.6
percent in the Wednesday session and is trading above the $48 level. The
agreement should trim down the worldwide glut of oil and steady oil prices, on
the statement that OPEC members do not cheat on their production quotas. The
surprise deal initially sent the Canadian dollar higher, but it could not join
and ended the Wednesday session unaffected on Market.
U.S indicators overcome on Tuesday. In the Beginning GDP
sparkled in the third quarter, as the economy expanded 3.1%, above the forecast
of 3.1%. The 3.0% put on was an upwards revision of Advance GDP, which came in
at 3.0%. Solid customer confidence numbers have been a serious factor in the U.S
improvement, as an optimistic consumer is likely to go out and spend money. CB
Consumer Confidence Move up to 107.1 points in November, surpassing the
100-level for the third time in four months. Last week, UoM buyer Sentiment
jumped to 93.8 points, its highest level since May. Donald Trump's surprise
election victory has not had an adverse effect on consumer confidence, and if
these pinkish numbers translate into stronger consumer costs, the U.S dollar
could continue to climb against its rivals. Thanks for Reading.
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