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08.08.2014 15:37

Foreign exchange market. American session: the Canadian dollar dropped against the U.S. dollar after the disappointing labour market data from Canada

The U.S. dollar traded mixed against the most major currencies after nonfarm productivity in the U.S. Preliminary nonfarm productivity increased 2.5% in the second quarter, exceeding expectations for 1.4% gain, after a 4.5% drop in the first quarter. The first quarter's figure was revised down from a 3.2% fall.

Preliminary unit labour cost in the U.S. rose 0.6% in the second quarter, missing expectations for 1.3% increase, after a 11.8% gain in the first quarter. The first quarter's figure was revised up from a 5.7% rise.

The U.S. currency came under pressure as after news reported that Russia could de-escalate the Ukraine conflict.

The euro traded higher against the U.S. dollar after mixed economic data from the Eurozone. Germany's trade surplus decreased to €16.2 billion in June from €18.8 billion in May. Analysts had expected the trade surplus to increase to €19.8 billion.

French industrial production climbed 1.3% in June, beating forecasts of a 1.1% rise, after a 1.6% fall in May. May's figure was revised up from a 2.3% decline.

The British pound traded lower against the U.S. dollar after the weaker-than-expected trade data from UK. Britain's trade deficit rose to £9.41 billion in June from £9.15 billion in May. May's figure was revised up from a deficit of £9.20 billion. Analysts had expected the deficit to decline to £8.90 billion in June.

The Swiss franc climbed against the U.S. dollar. Switzerland's unemployment rate remained unchanged at 3.2% in July, in line with expectations.

The Canadian dollar dropped against the U.S. dollar after the disappointing labour market data from Canada. Canada's unemployment rate declined to 7.0% in July from 7.1% in June, in line with expectations. The unemployment rate declined as fewer people went looking for a job.

Canada's economy added only 200 in July, missing expectations for a rise of 25,400, after a 9,400 drop in June.

The New Zealand dollar traded higher against the U.S dollar. In the overnight session, the New Zealand dollar declined against the greenback due to risk aversion of investors. Investors preferred safe-haven assets as geopolitical tensions in Iraq and Ukraine weighed on markets. U.S. President Barack Obama has authorised airstrikes against militants in Iraq. A build-up of Russian troops on the Ukraine border also makes investors cautious.

The kiwi was also sapped after dairy prices decreased to a 2-year low.

No major economic reports were released in New Zealand.

The Australian dollar traded higher against the U.S. dollar. In the overnight session, the Asutralian dollar traded lower against the greenback due to risk aversion of investors as geopolitical tensions in Iraq and Ukraine weighed on markets.

The Reserve Bank of Australia's quarterly monetary policy statement also put the Australian currency under pressure. The RBA lowered its GDP forecast for 2014 to a range of 2% - 3%, down from a range of 2.25% - 3.25%.

The better-than-expected trade data from China helped the Aussie to trim its losses. China's trade surplus rose to $47.30 billion in July from $31.6 billion in June. Analysts had expected to narrow to $26 billion.

Home loans in Australia climbed 0.2% in June, missing expectations for a 0.7% rise, after 0.0% in May.

The Japanese yen traded slightly lower against the U.S. dollar. The Bank of Japan released its interest rate decision. The BoJ's interest rate remained unchanged at 0.10%. Japan's central bank will continue to increase the monetary base at an annual pace of 60 trillion yen to 70 trillion yen.

Japan's adjusted current account balance decreased to 125.6 billion yen in June from 384.6 in May, beating expectation for a fall to 110.0 billion yen.

08.08.2014 15:40

Oil rose

08.08.2014 15:20

Gold rose

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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