US Dollar Posts Weekly Losses as Economy Looks Bad
The US dollar ended week lower against most major currencies as the US economic data was negative for the whole week. The minutes of the Federal Open Market Committee monetary meeting further weakened the dollar as they showed that the Federal Reserve isn’t planning to increase the interest rates.The US house market was showing signs of weakness for sometime, but the bad reports about housing starts and building permits, as well as the data about existing home sales, were depressing nevertheless. Even worse were the reports from the Federal Reserve Bank of New York and the Federal Reserve Bank of Philadelphiaabout the manufacturing sector. The manufacturing was the source of optimism for the US economy for some time and unexpected slowdown of the sector was a very unpleasant surprise. Virtually all other reports were bad too, except for the data about the unemployment claims that showed a decline of the claims for jobless benefits.
The answer to the question “when there’ll be an end to the quantitative easing policy” wasn’t positive for the dollar either. No end for the QE2 is in sight as the FOMC minutes said that the upward inflation pressure is temporary and the stimulus program will be maintained.
EUR/USD closed at 1.4159 after it jumped during the week from 1.4088 to 1.4345. USD/CHF dropped from 0.8926 to 0.8772. AUD/USD went up from 1.0575 to 1.0657. USD/JPY managed to advance to 81.69 from 80.86.
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Canadian Dollar Falls with Crude & Stocks
The Canadian dollar fell today, sliding for the third day versus the US dollar and the Japanese yen, as crude oil fell together with North American equities.June contract for crude oil delivery subtracted 0.3 percent to $97.95 per barrel in New York, following the previous advance by 1.8 percent. Prices have increased 1.5 percent this week, but this increase looks meager compared to the decline by 15 percent last week, the biggest drop since December 2008. Raw materials makes up about half of Canada’s export revenue, most of which comes from crude oil.
The Standard & Poor’s 500 Index fell 0.8 percent, erasing its weekly gain. The S&P/TSX Composite Index slipped 0.3 percent today and dropped 1.6 percent this week. Greece still plagues markets even as the nation attempts to renegotiate the terms of its credit, curbing demand for commodities and related assets, including the Canadian currency.
USD/CAD rose from 0.9625 to 0.9742 today before trading at 0.9679 as of 19:16 GMT. CAD/JPY traded near 83.44 after falling from 84.03 to 82.77.
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