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Forex News: Canadian Dollar Falls As Oil Prices Tumble, Trade

Canadian Dollar Falls As Oil Prices Tumble, Trade Worries Mount

05/23/2019 - 09:49:00 (RTTNews)

(RTTNews) - The Canadian dollar fell against its major counterparts in the European session on Thursday, as oil prices declined on rising crude supplies as well as weak global cues on the back of Brexit worries, U.S-China trade spat and weak economic data from the euro area.

British chip designer ARM joined the growing list of global companies to disengage with Huawei, raising concerns a protracted trade war could derail global economic growth.

Oil prices extended its decline as data from Energy Information Administration showed a sharp jump in U.S. crude stockpiles last week.

EIA reported that U.S. crude inventories rose as much as 4.7 million barrels last week, as against expectations for a drop of about 600,000 barrels.

In the U.K., PM Theresa May is under intense pressure to announce a departure date on Friday amid growing cabinet backlash against the withdrawal agreement bill.

Committee Chairman Graham Brady remarked that it may change rules to hold a no-confidence vote in the PM, if she refuses to announce a resignation date.

Soft factory and services PMI reports from Germany and Eurozone, along with weak reading on German business morale added to worries.

The currency was lower against its major counterparts in the Asian session, excepting the aussie.

The loonie declined to a 2-day low of 0.9268 against the aussie from Wednesday's closing value of 0.9244. The loonie is likely to test support around the 0.94 region.

The loonie that finished Wednesday's trading at 1.3437 against the greenback slipped to a 6-day low of 1.3493. Next key support for the loonie is seen around the 1.37 level.

The Canadian currency weakened to a 6-day low of 81.54 against the yen, compared to 82.13 hit late New York Wednesday. The loonie is seen finding support around the 80.00 region.

Survey from Nikkei showed that Japan manufacturing PMI fell in May, posting a manufacturing PMI score of 49.6.

That's down from 50.2 in April and it falls beneath the boom-or-bust line if 50 that separates expansion from contraction.

The loonie fell to a 3-day low of 1.5013 against the euro from yesterday's closing quote of 1.4979. If the loonie drops further, 1.52 is possibly seen as its next support level.

Survey results from the Ifo Institute showed that Germany's business confidence weakened for a second straight month and at a faster-than-expected pace in May.

The Ifo business confidence index fell to 97.9 from 99.2 in April. Economists had forecast a score of 99.1.

Looking ahead, U.S. new home sales for April are scheduled for release shortly.

For comments and feedback: contact editorial@rttnews.com

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