Rising Oil Prices Send Canadian Dollar Higher
12 Febbraio 2020 - 09:56AM
RTTF2
The Canadian dollar strengthened against its most major
counterparts in the European session on Wednesday on higher oil
prices, as fears about China's coronavirus outbreak and the
potential economic impact lessened.
Crude for March delivery rose $0.80 to $50.74 per barrel.
The number of new coronavirus cases fell, reducing concerns over
demand growth in the world's second-largest economy.
The National Health Commission said 2,015 new cases had been
reported over the last 24 hours, registering a second day of
decline.
Risk appetite improved on hopes that China's coronavirus
outbreak would peak soon.
The new outbreak is hitting a peak and may be over by April,
Zhong Nanshan, an 83-year-old epidemiologist who won fame for
combating the SARS epidemic in 2003, said in an interview with
Reuters.
The loonie climbed to 1.4468 against the euro, its strongest in
three weeks. On the upside, 1.42 is likely seen as the next
resistance for the loonie.
Data from Eurostat showed that Eurozone industrial production
decreased more than expected in December.
Industrial production declined 2.1 percent month-on-month in
December after staying flat in November. Economists had forecast a
1.7 percent drop.
The loonie rallied the most in nine days against the dollar,
touching 1.3259. Should the loonie rises further, 1.30 is seen as
its next resistance level.
Breaking the 83.00 level, the loonie jumped to a 2-week high of
83.02 against the yen. The loonie may test resistance around the
84.00 level.
Data from the Bank of Japan showed that Japan M2 money stock
rose 2.8 percent on year in January, coming in at 1,042.9 trillion
yen.
That exceeded expectations for an increase of 2.7 percent, which
would have been unchanged from the December reading.
The loonie, though, slipped to a 6-day low of 0.8954 against its
Australian counterpart, as the Asian currency was supported by
optimism prevailed in the global markets. Immediate support for the
loonie is found around the 0.91 level. Survey data from Westpac
showed that Australia's consumer confidence advanced in February
but sentiment remained weak overall.
The Westpac-Melbourne Institute Index of Consumer Sentiment rose
2.3 percent to 95.5 in February from 93.4 a month ago.
Looking ahead, Federal Reserve Chair Jerome Powell will testify
on the Semiannual Monetary Policy Report before the Senate Banking
Committee in Washington DC at 10:00 am ET.
In the New York session, U.S. monthly budget statement for
January is scheduled for release.
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