Canadian Dollar Lower Before U.S. Inflation Data
13 Octobre 2022 - 6:56AM
RTTF2
The Canadian dollar declined against its major counterparts on
Thursday, as oil prices fell ahead of U.S. inflation data that is
expected to support the likelihood of a 75-basis point rate hike
from the Federal Reserve next month.
The minutes from the Fed's September meeting showed that members
expect interest rates to remain high till prices come down and
choose to give priority to the commitment to reign in stubbornly
increasing inflation.
The minutes showed that many Fed officials "emphasized the cost
of taking too little action to bring down inflation likely
outweighed the cost of taking too much action."
Overnight data showed that U.S. producer prices climbed more
than expected in September.
On a yearly basis, producer prices rose 8.5 percent in September
versus expectations for an increase of 8.4 percent.
The Labor Department releases the consumer price index report
for September at 8:30 am ET. Economists expect annual inflation to
ease to 8.1 percent from 8.3 percent, but the core reading is seen
accelerating to 6.5 percent from 6.3 percent in the previous
month.
The loonie was down against the euro, at 1.3420. The loonie is
likely to challenge support near the 1.36 mark.
The loonie was trading at a 2-day low of 1.3837 against the
greenback. Should the loonie falls further, it is likely to test
support around the 1.41 region.
The loonie fell to a 2-day low of 0.8684 against the aussie
around 9:50 pm ET and held steady thereafter. At yesterday's
trading close, the pair was quoted at 0.8669.
The loonie edged down to 106.10 against the yen, from a high of
106.37 set at 8:50 pm ET. The loonie is seen finding support around
the 96.00 mark.
Looking ahead, U.S. weekly jobless claims for the week ended
October 8 and consumer inflation data for September will be
published in the New York session.
AUD vs CAD (FX:AUDCAD)
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AUD vs CAD (FX:AUDCAD)
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