Canadian Dollar Declines On Falling Oil Prices
04 Luglio 2019 - 08:38AM
RTTF2
The Canadian dollar dropped against its most major counterparts
in the early European session on Thursday, as oil prices fell
following a lower-than-expected draw in U.S. oil inventories that
stocked fears about slowing oil-demand growth.
Data from the Energy Information Administration showed on
Wednesday that U.S. crude stockpiles fell 1.1 million barrels in
the week ended June 28, compared to expectations for a decline of
nearly 3 million barrels.
Gasoline inventories were down by about 1.58 million barrels,
much less than an expected drop of about 2.17 million barrels.
Meanwhile, distillate stockpiles increased unexpectedly by 1.58
million barrels.
The data pointed to slowing demand growth in the U.S. as
economic growth remained sluggish.
That said, Fed rate cut hopes and news that top representatives
from the United States and China are arranging to resume talks next
week to try to resolve a year-long trade war kept underlying
sentiment buoyant.
The currency declined against its major counterparts in the
Asian session, excepting the yen.
The loonie slipped to 82.42 against the yen, from a 2-day high
of 82.59 hit at 5:00 pm ET. Next key support for the loonie is
likely seen around the 80.5 region.
The loonie edged down to 1.3079 against the greenback, after
touching a session's high of 1.3055 at 5:00 pm ET. The next
possible support for the loonie is seen around the 1.33 level.
Reversing from a high of 1.4724 hit at 5:00 pm ET, the loonie
dropped to 1.4762 against the euro. The loonie is seen finding
support around the 1.49 mark.
Data from Eurostat showed that Eurozone retail sales declined
unexpectedly in May due to weak turnover in food and automotive
fuels.
Retail sales slid 0.3 percent month-on-month in May, following a
0.1 percent fall in April. Sales were forecast to grow 0.3
percent.
In contrast, the loonie advanced to 0.9174 against the aussie,
following a decline to 0.9201 at 10:00 pm ET. If the loonie rises
further, it may locate resistance around the 0.89 level.
Data from the Australian Bureau of Statistics showed that
Australia's retail sales logged a marginal growth in May indicating
weak consumer spending in the economy.
Retail sales rose 0.1 percent month-on-month in May, offsetting
a 0.1 percent drop in April. Sales were forecast to climb 0.2
percent.
U.S. stock markets are closed in observance of Independence
Day.
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