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EURO stands strong – Loonie is steady

Olymp Trade

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The ECB retained rates at record lows 0.00% on Thursday so euro was just below a 2-1/2 year high against the dollar. ECB President Mario Draghi said the bulk of these decisions will probably be taken in October but he also concerns about inflation. U.S. dollar is under pressure from many fronts ranging from sluggish inflation, Trump risk and geopolitical tensions.
Japanese GDP of second quarter this morning at 6.50 GMT+7 led to the negative trend for JPY as it was 0.6% lower than expected. However, yen is still stronger against American dollar and I think Japanese yen may also be under pressure because of the tension on Korea Peninsula. Crude oil inventories rise to 4.580 million barrel but U.S. refinery utilization rates slumped 16.9% last week.
I will focus on Canada employment change today – if the number is better than 19000, it may boost Canadian dollar high. In my opinion CAD is pretty strong after the rising interest rate on Wednesday even the lower Ivey PMI could not drop it lower yesterday. As the result, I think the higher employment change may support CAD stronger.

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Source: https://olymptrade.com
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