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US Dollar Hovers Near Three-Week Lows; Market Reacts to Canadian Economic Data

Published April 17, 2018
  • The number of Canadian securities (domestic stocks, bonds and money-market assets) purchased by foreigners last month came in at 3.96 billion versus expectations of 7.24 billion. Demand for Canadian assets and strength of the loonie are directly linked, as foreign investors must purchase Canadian dollars to purchase domestic financial assets.
  • Month-on-month growth in Canadian manufacturing sales grew by 1.9 percent, beating expectations of 1.0 percent; USD/CAD remains near the 1.2550 handle to start the morning.
  • The number of new US building permits showed a reading of 1.354 million versus expectations of 1.33 million new permits; US housing starts came in strong at 1.319 million versus expectations of 1.27 million starts.
  • Chinese GDP data showed that the country’s economy grew 6.8 percent in Q1 2018 over the same quarter last year. Industrial production shrank, however, increasing retail sales and personal consumption helped keep GDP levels near target.
  • Federal Reserve Bank of San Francisco President John Williams is set to speak at 9:15 AM EST, Federal Reserve Governor Randal Quarles will speak  at 10:00 AM EST and Fed Bank of Atlanta President Raphael Bostic will speak at 5:40 PM EST; investors will look for indications on current monetary policy leanings of the Federal Reserve from these voting members’ speeches.
  • German ZEW Economic Sentiment, an overall measure of sentiment as indicated by a survey of German institutional investors and analysts, showed a sharply negative reading; the final figure came in at -8.2 versus expectations of -0.8, demonstrating a mood of pessimism among German investors.