- CA unemployment rate: 6.8% vs. 6.7% expected, 6.6% previous
- CA employment change: -1K vs. -5K expected, 35.4K previous
- US PPI: -0.5% vs. 0.3% expected, -0.8% previous
- US core PPI: -0.5% vs. 0.1% expected, -0.1% previous
- US UoM consumer sentiment: 91.2 vs. 95.5 expected, 95.4 previous
- AU new motor vehicle sales on tap
With no major data to knock the major currencies around, forex traders focused on loading up on the Greenback during the trading session.
Only Canada printed major reports and even those didn’t help the high-yielding Loonie. Canada’s unemployment rate hit a five-month high of 6.8% in February though only a net of 1,000 workers lost jobs (vs. 5,000 job loss expected) throughout the month.
It also didn’t help the oil-related Loonie that oil prices further tumbled on an International Energy Agency (IEA) report that U.S. crude inventories “may soon test storage capacity limits.”
USD/CAD jumped by 41 pips (+0.32%) throughout the session while CAD/JPY saw a 36-pip decline (-0.38%) to 94.94.
The rest of the major currencies traded on overall dollar strength ahead of this week’s FOMC statement.
EUR/USD suffered a 90-pip drop (-0.85%) to 1.0478 while GBP/USD also saw a 60-pip decline (-0.41%) to 1.4742. The dollar didn’t fare as well against its fellow low-yielding currencies though, as USD/JPY ranged tightly just above 121.50 while USD/CHF traded around the 1.0050 area.
Will Asian session forex traders start the week with another dollar rally? Australia’s new motor vehicle sales report released a few minutes ago was the only major report on tap. It doesn’t usually cause sustained moves for the Aussie, so you might want to keep your eyes peeled for any news that might affect risk appetite.
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