Canadian Dollar Futures Market News and Commentary
The dollar index (DXY00) on Thursday moved up +0.166 (+0.17%). Mar euro-fx futures (E6H0) closed down -0.0009 (-0.08), and EUR/USD (^EURUSD) fell -0.0017 (-0.16%). Mar yen futures (J6H0) closed down -0.40 (-0.45%), and USD/JPY (^USDJPY) rose +0.69 (+0.62%).
The dollar index rallied to a new 2-3/4 year high Thursday as the yuan retreated on lower Chinese interest rates and as the yen was hurt by the spread of the coronavirus to Japan. Also, the dollar saw support from stronger-than-expected U.S. economic data.
Thursday's U.S. economic data was supportive for the dollar. Weekly initial unemployment claims rose +4,000 to 210,000, right on expectations. The Feb Philadelphia Fed business outlook survey unexpectedly rose sharply by +19.7 points to a 3-year high of 36.7, stronger than expectations of -6.0 to 11.0. Also, Jan leading indicators jumped +0.8%, stronger than expectations of +0.4%, and the biggest increase in 2-1/4 years.
The dollar also garnered support on... Read more