FOREXYARD: Forex News Blog | |
- Canadian Housing Starts Shine, CAD Bullish
- US Trade Balance Slightly Lower than Forecast
- Australian Employment Figures Lift AUD
| Canadian Housing Starts Shine, CAD Bullish Posted: 13 Oct 2011 06:57 AM PDT
The early afternoon release of housing data from the Canadian economy yesterday gave several investors reason to buy into the Canadian dollar (CAD), known colloquially as the Loonie. Housing reports out of Canada have shown steady increases, with construction levels climbing and prices ascending as well, the time may be ripe for investing in Canadian assets. Yesterday's report, released by the Canada Mortgage and Housing Corporation (CMHC), shined light on the 206,000 housing starts in September. Canadians appear to be regaining confidence in the mortgage and housing markets, and banks across Canada appear more willing to lend for such investments. So far the impact has been overshadowed by poor data elsewhere, but Canada's currency has weathered the storm rather well despite these overtones. |
| US Trade Balance Slightly Lower than Forecast Posted: 13 Oct 2011 06:53 AM PDT
In a sign that a recently weakened US dollar (USD) is perhaps aiding the US economy's growth, today's trade balance figure came in just slightly lower than the forecasted deficit. Though not an entirely positive signal, the trade deficit grew by only $45.6B instead of the anticipated $46.0B. Weakening the value of the USD both increases the ability of American firms to export goods while simultaneously reducing America's buying power abroad (i.e. reducing imports). The expected result is a less-than-stellar, but better-than-forecast widening of the trade deficit, which should help improve America's standing in the global arena. |
| Australian Employment Figures Lift AUD Posted: 13 Oct 2011 06:50 AM PDT
The value of the Australian dollar (AUD) made a jump in today's early trading following reports from the Australian Bureau of Statistics that employment saw modest growth in September. The Employment Change figure was forecast to see an expansion of roughly 10,100 jobs; the results were more than double. A surprise expansion of nearly 20,400 jobs in September has generated some reflections that the Aussie economy is actually regaining its foothold after a series of poor reports. The unemployment rate also decreased from 5.3% to 5.2% this month. The AUD is gaining value and could enter a longer-term uptrend if things remain bullish. |
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