The Canadian dollar traded in a positive territory against most major counterparts in European deals on Thursday, as Canadian economy expanded as estimated in April and industrial product price index climbed in May to most since February?2015.
Data from Statistics Canada showed that Canada GDP edged up 0.1 percent in April, mainly due to notable gains in manufacturing, utilities and the public sector.
The estimate matched economists forecasts, and followed a 2 percent decline in March.
Separate data from the same agency showed that the industrial product price index rose?1.1 percent in May, following a?0.5 percent decline in April.
This is sharply higher than the 3 percent gain expected by economists.
Meanwhile, crude oil futures turned lower after strong gains in the previous two sessions.
Oil prices have been volatile in the wake of last week’s historic Brexit vote, but falling US inventories should keep oil near the $50 mark.
The loonie showed mixed trading against its major rivals in Asian deals. While the loonie declined against the greenback and the yen, it held steady against the euro. Against the aussie, it rose.
The loonie was trading higher at 79.29 against the yen, off its early low of 78.83. This may be compared to Asian session’s 6-day high of 79.62. The next possible resistance for the loonie-yen pair may be found around the 82.00 zone.
Preliminary data from the Ministry of Economy, Trade and Industry showed that Japan’s industrial production in Japan fell a seasonally adjusted 2.3 percent on month in May.
That was well shy of forecasts for a decline of 0.2 percent following the 0.5 percent increase in April.
The loonie climbed to a 6-day high of 1.2915 against the greenback in the European session, and held steady thereafter. On the upside, the loonie may locate resistance around the 1.27 area.
Data from the Labor Department showed that first-time claims for U.S. unemployment benefits rose a little more than expected in the week ended June 25th.
The report said initial jobless claims rose to 268,000, an increase of 10,000 from the previous week’s revised level of 258,000.
The loonie strengthened to a 3-day high of 1.4342 against the euro, compared to 1.4387 hit late New York Wednesday. If the loonie extends rise, it may find resistance around the 1.41 level.
Flash data from Eurostat showed that Eurozone inflation turned positive in June as the pace of decline in energy prices slowed further.
Consumer prices edged up 0.1 percent in June from prior year, offsetting a 0.1 percent fall in May. Prices increased for the first time in five months. Prices were expected to remain flat in June.
Meanwhile, the loonie held steady against the aussie with the pair trading at 0.9632, off its early 2-day high of 0.9579.
Data from the Reserve Bank of Australia showed Australia’s private sector credit added 0.4 percent on month in May – missing forecasts for 0.5 percent, which would have been unchanged from the April reading.
On a yearly basis, credit advanced 6.5 percent – also beneath expectations for 6.7 percent, which again would have been unchanged.
The material has been provided by InstaForex Company – www.instaforex.com