Mike's Musings, Jan 12




CAD BOC Business Outlook Survey

USD FOMC Member Lockhart Speaks

JPY Current Account: 0.69T

CNY Trade Balance: 48.9B


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A new week opens to see the Loonie lower yet again, as weakening Oil prices continue to drive CAD losses. The fall of the Loonie is being compounded by poor employment data on Friday, which was a second straight decline, as well as the fact that US employment data was once again stronger than expected. With the Canadian economy continuing to struggle it may be only a matter of time until the 1.20 level is breached.

Support: 1.1875, 1.1750

Resistance: 1.1975, 1.1200





The EUR starts the week off at lows not seen since 2006 against the USD. Almost everything we hear out of the Euro zone seems to be negative, with worries about deflation, imminent QE by the ECB, some worries out of Greece and the terror attacks in France. All these are weighing on the currency which is seeing the EUR driven to new lows on a weekly basis.

The GBP remains under pressure, as soft Construction and Services PMI numbers were only mildly offset by a stronger than expected Manufacturing Production number. The economy has slowed down, which means that the BOE will more than likely postpone any rate hikes to 2016 at the earliest.  

Written by mbrown@paylinebyice.com



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