Tag Archives: canadian dollar

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Canada Dollar Climbs On Sales; Facebook Earnings Above Expectations

Here’s today’s ‘Just A Minute’ bringing you a 60 second summary of what’s happening in the financial markets:

Main Trading Event Of The Day: U.S. Unemployment Claims @ 14.00 GMT

WHAT WE’RE WATCHING TODAY

Gold Falls Below $1,300 As Equities Gain

Gold broke below the key psychological level of $1,300 an ounce today as safe-haven demand for the metal eased due to rising Asian equities and strong Chinese manufacturing data. Physical demand in the region, however, increased slightly on the lower prices, with premiums in the biggest bullion consumer China edging up on buying interest. Spot gold fell 0.7 percent to $1,295.00 an ounce after dipping 0.2 percent in the previous session. U.S. gold slid about $9 to $1,295.50. Asian stock markets edged higher on Thursday as China’s factory activity expanded at its fastest pace in 18 months in July, bolstering hopes for recovery in the world’s second-biggest economy. Gold had recently seen support build around the $1,300 level on deepening violence in the Middle East and Ukraine that burnished its safe-haven appeal. Bullion could still see some safe-haven bids as Gaza fighting continues. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.6 tonnes to 805.44 tonnes on Wednesday - increasing for a second straight day.

gold

Canadian Dollar Climbs On Sales

The Canadian dollar touched the highest level in almost a week after a report showed the nation’s retail sales rose for a second month. The May sales figures followed a report last week that showed consumer prices climbed the fastest in more than two years in June. The dollar strengthened as much as 0.3 percent to C$1.0711 per U.S. dollar, the strongest level since July 18, before trading at C$1.0728 at 5 p.m. in Toronto, up 0.1 percent. One Canadian dollar buys 93.21 U.S. cents. Retail sales increased 0.7 percent to C$42 billion ($39.1 billion) as automobile purchases rose to a record according to Statistics Canada. Economists forecast retail sales would increase 0.6 percent. They gained 1.3 percent the previous month, more than initially reported, Statistics Canada data showed.

Flag-U.S.-Canada

Facebook Profit, Sales Above Expectations

Facebook posted a second-quarter profit yesterday that more than doubled while extracting more mobile-advertising dollars from its users. Revenue increased 61% as advertisers continued to pour money into the social network. Mobile-advertising accounted for 62% of advertising revenue in the quarter, up from 59% in the first quarter and 30% a year ago. Facebook is gaining ground on Google in the mobile advertising market, expecting to command 18.4% of mobile-ad dollars this year, up from 9% in 2012. Google’s share is expected to slip to 40% from 50% in that two-year time period. Facebook reported net income of $791 million, or 30 cents a share, up from $333 million, or 13 cents, a year earlier. Revenue rose to $2.91 billion from $1.81 billion. Analysts had projected earnings of 32 cents a share and revenue of $2.81 billion.

That sums up today’s highlights but remember you can check our Facebook, Twitter, Google+ and LinkedIn pages for regular trading news throughout the day. We hope you have a profitable day on the markets.

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Canadian Dollar

U.S. Economic Growth Pulls Canadian Dollar Out of Slump

The U.S., Canada’s largest trading partner, experienced a the second greatest boost in its manufacturing industry in over two years last December that drove the Canadian dollar against most of its peers.

The loonie fell against the greenback after momentarily rising with American claims for unemployment benefits falling to their lowest in a month. Increased exports will determine the strength of economic growth, according to the Governor of the Bank of Canada, Stephen Poloz. Canada’s biggest exporting commodity, crude oil, drop to the lowest level in a month.

Economic analysts are looking to the U.S. economy for clues on the improvement of the Canadian dollar on the expectation that Canada can get a lift on an outperforming American economy. In 2013 the Canadian dollar lost an overall 6.6 percent, experiencing its biggest decline in five years.

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loonie

Loonie Falls Along With Crude

The Canadian dollar slipped against all of its major peers as crude oil, Canada’s biggest export, fell to nearly a four-month low and a reduction on western Canadian oil reached its highest level since January.

Bottlenecked pipelines in the Alberta province gave rise to worries that production will be hampered against competing grades, consequently weakening the currency from the strongest position it held versus the U.S. dollar in over a week. The news comes after a rise in the gauge of consumer consider had risen for the first time since September with improved outlooks on real estate prices and job security.

Western Canada Select is facing its biggest gap against West Texas Intermediate with the discount increasing to $40.75 per barrel, its biggest gap since 14th January. In December of last year the difference had hit record levels at $42.50 while the average for 2013 stands at $23.39.

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Printing Dollar

Awaiting the NFP report

All eyes are on the U.S. dollar today, as the currency traded at 0.3 percent from an eight-month low yesterday, falling against most major currencies after the 16-day government shutdown that hampered the U.S. economy. More specifically, investors anxiously await the Non-Farm Payrolls release of September finally scheduled for later today, at 1:30 p.m. GMT.

The NFP report will indicate whether employment levels have reached sufficient targets for the Federal Reserve to reduce the economic stimulus, as had been previously forecast, or whether the government’s decision to extend the debt ceiling will prolong quantitative easing.

The Canadian dollar also ended its 3-day gain, as Canada’s central bank is expected to downgrade the country’s economy should the NFP report turn out to be lower than expected on account of the stunted economic growth in the U.S., Canada’s major trading partner

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