Strong Inflation, Rising Shares Lift Canadian Dollar
19 Fevereiro 2020 - 06:37AM
RTTF2
The Canadian dollar firmed up against its major counterparts in
the European session on Wednesday, as the nation's consumer
inflation showed a modest increase in January, while a fall in the
rate of new coronavirus cases lifted investor sentiment.
Data from Statistics Canada showed that inflation rose 0.1
percent on a seasonally adjusted monthly basis in January,
following a 0.4 percent gain in December
Core inflation, excluding food and energy, remained unchanged at
0.2 percent in January.
The CPI rose 2.4 percent year-on-year in January, up from a 2.2
percent gain in December.
Excluding gasoline, the CPI rose 2.0 percent in January.
Sentiment was underpinned by a fall in the number of new
coronavirus cases in China.
Markets also remain hopeful that China will cut its benchmark
loan prime rate Thursday to offset the economic damage caused by
the coronavirus outbreak.
The loonie extended rally to a 4-week high of 83.81 against the
yen from Tuesday's closing value of 82.86. The loonie may find
resistance around the 86.5 level.
Data from the Ministry of Finance showed that Japan posted a
merchandise trade deficit of 1,312.6 billion yen in January.
That beat estimates for a shortfall of 1,684.8 billion yen
following the 154.6 billion yen deficit in December.
The loonie strengthened to 1.3215 against the greenback, a level
unseen this year. Against the euro, the loonie hit the highest
level since April 2017, at 1.4264. The next likely resistance for
the loonie is seen around 1.30 against the greenback and 1.40
against the euro.
The loonie jumped to 0.8830 against the aussie, which was the
strongest since June 2010. On the upside, resistance is likely seen
near the 0.86 level.
Looking ahead, the Federal Reserve will release minutes from its
January 28-29 meeting at 2:00 pm ET.
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