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The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Friday, snapping a six-day losing streak after stronger-than-expected labor market data signaled resilience in Canada’s economy. At the time of writing, USD/CAD is trading around 1.4064, down nearly 0.35% on the day.According to Statistics Canada, the economy added 66.6K jobs in October, sharply beating expectations for a 2.5K decline and following a 60.4K gain in September. The Unemployment Rate fell to 6.9% from 7.1%, while the Participation Rate edged higher to 65.3% from 65.2%.Average hourly wages rose 4.0% YoY, up from 3.6% in September, signaling still-firm wage growth even…

Consumer confidence in the United States (US) continued to deteriorate in November, with the University of Michigan’s Consumer Sentiment Index falling to 50.3 from 53.6 in October. This print came in worse than the market expectation of 53.2.Other details of the publication showed that the Current Conditions Index dropped to 52.3 from 58.6, while the Expectations Index retreated to 49.0 from 50.3.Finally, the 1-year Consumer Inflation Expectation edged higher to 4.7% from 4.6% in October, and the 5-year Consumer Inflation Expectation fell to 3.6% from 3.9%.Market reactionThe US Dollar came under renewed selling pressure with the immediate reaction to the…

 The US Dollar has lost some momentum on Friday’s European trading session, and the USD/CAD pulled back to the 1.1410 area from session highs at 1.4125. The pair’s rally from last week’s low below 1.3900 was capped at 1.4140 earlier in the week, and is looking for direction ahead of Canada’s employment data.The Greenback drew support on Thursday from the risk-averse sentiment as the main Wall Street indices tanked, with tech stocks leading losses, amid revived fears of an AI bubble. The negative market sentiment has extended into Asia and Europe, although market volatility remains muted so far.US employment data…

The rupee slipped 2 paise to 88.65 (provisional) against the US dollar on Friday amid a strong American currency against major crosses overseas and rising crude oil prices.A weak trend in domestic equity markets also weighed on the domestic currency, forex traders said.At the interbank foreign exchange, the rupee opened at 88.61 and tumbled to the intraday low of 88.72 against the greenback. The unit ended the session at 88.65 (provisional), registering a loss of 2 paise from its previous closing level.The domestic unit had appreciated 7 paise to close at 88.63 against the dollar on Thursday.The rupee weakened on…

Dow Jones futures advance 0.20% to trade above 47,100 during European hours ahead of the opening of the United States (US) regular session on Friday. Moreover, the S&P 500 futures and Nasdaq 100 gained by 0.25% and 0.33%, with trading around 6,760 and 25,300, respectively. Traders would likely observe the preliminary Michigan Consumer Sentiment Index data on Friday, while the US government shutdown is restricting official data releases like Nonfarm Payrolls (NFP) and Unemployment Rate.US index futures gain ground as market sentiment improves amid easing trade tensions between the world’s two largest economies United States (US) and China. Washington moves…

The rupee declined 3 paise to 88.66 against the US dollar in early trade on Friday as the American currency strengthened against major rivals and foreign investors kept on withdrawing funds from the Indian capital market. According to forex traders, the Indian rupee was also weighed down amid intense selling in domestic equity markets and upward movement in crude oil prices in the overseas market. At the interbank foreign exchange, the rupee opened at 88.61 and slid further to trade at 88.66 against the greenback in early deals, registering a loss of 3 paise from its previous closing level.The domestic…

The NZD/USD pair attracts some sellers near 0.5620 during the Asian trading hours on Friday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) after a narrowing of China’s trade surplus in October and a weak New Zealand jobs report. Traders brace for the flash U-Mich Consumer Sentiment survey later on Friday.Data released by the General Administration of Customs of the People’s Republic of China on Friday showed that China’s trade surplus came in at $90.07 billion in October versus $90.45 billion prior. This figure came in below the forecast of $95.60 billion.Meanwhile, Exports rose by 1.1% year-over-year in October, missing expectations for a…

Federal Reserve (Fed) Bank of Cleveland President Beth Hammack said late Thursday that keeping the Fed policy restrictive will help bring inflation down.Key quotesKeeping the Fed policy restrictive will help bring inflation down.My contacts suggest that the job market remains in a low-hiring, low-firing environment.I do not believe the current economic data warrants an interest rate hike.The economy has been resilient in the face of uncertainty.Job market has softened of late but has been around full employment.Expects economy will pick up next year after soft 4Q.Expects economy ‘to do well’ next year.Tariffs are driving up inflation but impact will fade next…

The Bank of England kept borrowing costs on hold on Thursday, but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut increases the chances of a December move after the government’s budget later this month. Mindful of Britain’s still-high headline inflation rate, the nine-strong Monetary Policy Committee voted 5-4 to keep the central bank’s benchmark Bank Rate at 4.0%, the BoE said. Most economists polled by Reuters last week had predicted a 6-3 decision by the MPC to leave Bank Rate unchanged.The MPC saw a bigger risk of weaker demand in the…

GBP/USD recovers some ground but trades off daily highs as the Bank of England (BoE) held rates unchanged on Thursday, on a ‘dovish’ hold as the vote split hints that the December meeting is open. The pair trades at 1.3080, up 0.26%.Sterling trims gains as Bailey warns rate cuts will be gradual and data-dependentThe BoE kept the Bank Rate at 4% on a 5-4 vote split on Thursday. The four dissenters who wanted a 25-basis-point rate cut were: Dhingra, Taylor, Ramsden and, surprisingly, Breeden. BoE Governor Andrew Bailey welcomed the September inflation figure, which held steady, but warned that it…