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Forex News: Canadian Dollar Eases After Inflation Data

Canadian Dollar Eases After Inflation Data

09/22/2017 - 09:14:00 (RTTNews)

(RTTNews) - The Canadian dollar retreated from its early highs against its major counterparts in the European session on Friday, after data showed that the nation's consumer price inflation rose in line with forecasts in August.

Data from Statistics Canada showed that inflation rose a seasonally adjusted 0.2 percent on month in August.

The reading was unchanged from last month and matched economists' expectations.

Core inflation slowed to 0.1 percent from 0.2 percent in seasonally adjusted terms.

Separate data showed that retail sales rose more than expected in July, led by higher sales at motor vehicle and parts dealers and food and beverage stores.

On month, retail sales increased 0.4 percent to C$49.1 billion in July.

This follows a 0.1 percent uptick in June and exceeded expectations for a 0.2 percent gain.

Core retail sales grew 0.2 percent on a monthly basis, compared to a 0.4 percent growth last month. Economists had forecast the sales to improve 0.4 percent.

Oil prices fell as a meeting between OPEC and non-OPEC nations kicked off in Vienna, where they discuss compliance with ongoing production curbs to contain the global oil glut.

The ministers would discuss about the possible extension of 1.8 million barrels per day of supply cuts, which is set to expire in March 2018.

Crude for November delivery dropped $0.14 to $50.41 per barrel.

The loonie showed mixed performance in the Asian session. While the currency rose against the aussie and the greenback, it fell against the yen and the euro.

The loonie retreated to 90.96 against the yen, from a 4-day high of 91.45 hit at 8:15 am ET. This may be compared to a 2-day low of 90.67 hit in the Asian session. If the loonie extends decline, 80.00 is possibly seen as its next support level.

The loonie reversed from an early 2-day high of 1.2253 against the greenback, falling back to 1.2317. Continuation of the loonie's downtrend may see it challenging support around the 1.25 region.

The loonie hovered at a 2-day low of 1.4743 against the euro, after having advanced to 1.4659 at 8:15 am ET. The next possible support for the loonie is seen around the 1.48 area.

Flash data from IHS Markit showed that the eurozone private sector ended the third quarter on a strong note in September, with growth in activity picking up to its highest since May.

The headline composite output index rose unexpectedly to 56.7 in September from 55.7 in August. The expected score was 55.6.

The loonie fell to 0.9816 against the aussie, off its early 4-day high of 0.9750. If the loonie extends decline, 0.99 is possibly seen as its next support level.

Looking ahead, Markit's U.S. manufacturing PMI for September is due shortly.

At 9:15 am ET, ECB Vice President Vitor Constancio is chairing panel "Macroprudential policy beyond banking" at the 2nd ESRB annual conference in Frankfurt, Germany.

Federal Reserve Bank of Kansas City President Esther George gives opening keynote before the Federal Reserve Banks of Kansas City and Dallas Energy Conference: "Global Oil Supply & Demand: Prospects for Greater Balance at 9:30 am ET.

Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated Q&A session before the Federal Reserve Banks of Kansas City and Dallas Energy Conference: "Global Oil Supply & Demand: Prospects for Greater Balance" at 1:30 pm ET.

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