Tags Posts tagged with "CAD"

CAD

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GBP/USD was trending lower for much of the day on the back of the figures with few meaningful retracements. Traders were aggressively testing the 1.53 level which was offering tentative support.

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Oil was one of the big movers of the day. Brent crude has rallied US$11 in the past week taking the price of the front month contract back up to $53.64.

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Some upbeat economic data out of the US and a rebound in Chinese shares helped ease market tension today. Volatility measures including the VIX and Euro VIX (EVC) dropped off considerably as risk aversion fell back to more orderly levels.

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The Chinese Central Bank cut interest rates by a further 25 basis points today and reduced the amount of reserve funds that banks must hold – effectively freeing up more liquidity.

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Cable rallied today gaining support from some positive data on the UK economy and after the US dollar slumped. The greenback weakened following the release of the FOMC minutes.

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Disappointment on US consumer inflation figures helped GBP/USD to pick up momentum midway through the session and lift up to 1.5653. Support was found around 1.5637 but there was no real drive to push any higher ahead of the release of the FOMC minutes.

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The Australian dollar was under pressure again following a selloff in Chinese equities. The Shanghai composite dropped a further six percent on Tuesday – adding to the fall of over thirty percent that’s taken place since the summer.

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USD/CAD continues to swing wildly with large levels of intraday volatility. The pair rose back above the 1.30 line again today after rallying one percent on yesterday’s dip.

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The Australian dollar suffered a strong downward correction today, most considerably against the US dollar. The move came after China announced it would lower the level at which the yuan trades against the greenback.

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The Canadian dollar regained ground on Monday – this came as markets anticipated that the latest batch of soft data out of China will press authorities into a more aggressive set of stimulus policies.