Currencies benefit from Chinese trade data
The Canadian dollar, which is still apparently a "traditional risk currency", managed to gain whole 20-some-odd points against its U.S. counterpart on this current wave of positive sentiment. The Canadian dollar should continue to benefit in this environment (even if it is at a snail’s pace) as recent Canadian data, global risk sentiment and the perceived importance of Bank of Canada official Tiff Macklem’s speech later today, in which he should toe the line of current BoC rhetoric, are all supportive of the currency. U.S. weekly employment claims were also released and with a distinct lack of headlines on the U.S. debt ceiling and entitlement program issues, the Chinese boost in exports will carry markets forward. Support remains at 0.9825 and below at 0.9780. We expect a range today of 0.9840 to 0.9890 Canadian The euro gained after the European Central Bank left its rate unchanged. A better-than-expected French Industrial Production number also helped to boost the currency. The euro-Canadian-dollar pairing traded slightly above 1.3000 with resistance coming in at 1.0326 today. We expect a range today of 1.2886 to 1.3026 Canadian The Bank of England left its asset purchases and interest rates unchanged as expected. The Sterling is trading higher on this with the Sterling-Canadian-dollar able to recover some of yesterday’s losses. The Australian-Canadian-dollar pairing higher after Chinese trade data for December came in stronger than expected. The pairing extended its gains above 1.0400 and met resistance at the previous high at 1.0430. A break above 1.0470 would be needed for the pair to retest the high in August at 1.0597. The Kiwi also benefited from the strong Chinese trade data. Resistance came in at the December high at 0.8350. Data Releases CAD: Building Permits, NHPI AUD: No data today EUR: French Industrial Production, French CPI, Minimum Bid Rate GBP: Asset Purchase Facility, Official Bank Rate JPY: Leading Indicators, Current Account, Bank Lending NZD: No data today USD: Unemployment Claims, Wholesale Inventories, Natural Gas Storage, 30-y Bond Auction
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