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Asian equities mostly lower - MarketPulse
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CAD lower on sharp US Retail Sales
February 17, 2021SharePrint
The Canadian dollar is trading lower for a second consecutive day. Currently, USD/CAD is trading at 1.2730, down 0.33% on the day.
Canada inflation edges higher
The major economies continue to show tentative steps towards recovery, as vaccine rollout programs are slowly turning the tide against the Covid-19 pandemic. With consumers itching to spend money after months of health restrictions, there are pent-up inflationary pressures. The increases we are seeing in US Treasury bonds, particularly the 10-year yields, signals that the markets expect inflation to continue to rise. Canada’s economy has been hit hard by Covid, but nonetheless, headline inflation in January rebounded from a decline of -0.2% and came in at 0.6%, its best showing in seven months. Trimmed CPI, which excludes the most volatile items in the headline read, rose from 1.6% to 1.8%.
Follow the leader - MarketPulse
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Asian equity markets slide
Asia follows Wall Street fall
A weak Wall Street close and the Huawei semiconductor ban over the weekend has set up Asia for a soft opening today. Wall Street took fright at poor US Retail Sales data on Friday, highlighting a weakening trend in the domestic sector over the past few months as Covid-19 restrictions undermine the US recovery. Industrial Production once again remained immune to the slowdown, but actually only makes up 10% of US GDP these days, with domestic consumption being 70%. A final nail in the coffin was less than encouraging earnings outlooks for large US banks, some of whom telegraphed warnings with the earnings releases on Friday.
Aussie dips below 0.77 line
January 18, 2021SharePrint
The Australian dollar has started the new trading week with slight losses. AUD/USD is currently trading at 0.7681, down 0.26% on the day.
US dollar on the move
The US dollar looked like the G-10 punching bag in the latter months of 2020, and the Australian dollar took full advantage by posting sharp gains. The New Year has been witness to a stronger US dollar, and this was apparent on Friday, as the US dollar pummelled the Aussie and gained 0.99% per cent. This marked AUD/USD’s strongest one-day gains since October.
The US dollar’s broad gains on Friday were even more noteworthy, given that US released soft Retail Sales reports on Friday. Headline retail sales fell by 0.7% and core retail sales was even worse, with a decline of 1.4 percent. This marked back-to-back declines for both releases. The drop in consumer spending, a key driver of economic growth, is certainly worrying. At the same time, an important takeaway fro
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