The Euro may regain lost ground against the US Dollar, as better-than-expected economic data suggests that the trading bloc’s economy weathered a second viral wave resiliently.
USD/CAD Video 16.12.20.
Canadian Dollar Is Under Pressure
USD/CAD is currently trying to settle above the resistance at 1.2750 after an unsuccessful attempt to settle below the support at 1.2700 while the U.S. dollar is trying to gain some ground against a broad basket of currencies.
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The U.S. Dollar Index managed to get below the support at 90.50 and declined to 90.13 but then rebounded closer to 90.40. The U.S. dollar is volatile ahead of the U.S. Fed Interest Rate Decision. Traders will pay attention to the subsequent commentary from the world’s most important central bank which may have a big impact on the foreign exchange market.
of this uncertainty. but today we got an inflation number and it didn t really give the fed any reason to move. it was u.s. consumer prices, and they actually edged down in august, the first decline in seven months. the core inflation rate that strips out energy and food costs with be that was only up 0.1%. very modest and only up 1.8% over the past 12 months. so if the fed was looking for a trigger to move on inflation, today s numbers certainly didn t give it to them. mandy, what about this big job cuts news out of hp? right. hewlett-packard. you know it is splitting into two companies, two lists companies later on this year. it expects to cut another 25,000 to 30,000 jobs in its enterprise business. basically it is just trying to adjust to falling demand. nonetheless the market seems to like the news and the shares are moving very nicely higher, jose. mandy drury, thank you very much. see you tomorrow. big fed day. absolutely. in seattle this morning public schoolteacher