General News

Dollar Declines on US Government Shutdown

February 9, 2018
On Friday, the Greenback inched lower vs. a basket of major currencies easing off session highs, as the U.S. government was pushed into a second shutdown after the U.S. Congress failed to pass a stopgap funding measure.
• The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.10% at 90.10.
The Single currency rose by 0.16% vs. the Greenback to settle at $1.2267, positively affected by weak U.S. dollar.
The U.S. dollar fell slightly by 0.06%, vs. the Canadian dollar to settle at $1.2595. On the release front, markets are awaiting Canada’s Unemployment Rate, which is expected to hit 10.0k from 78.6k.
Against the JPY, the USD rose by 0.29%, to settle at ¥109.06. No major reports are due from Japan today.
Earlier today Gold prices fell slightly by 0.10%, despite the Greenback edged lower following news of another U.S. government shutdown. Gold Futures – Apr 18 (GCJ8), down by 0.10%, to settle at $1,317.70.
Also on Friday, Oil prices declined after Iran announced plans to increase its production within the next 4 years by at least 700k barrels a day and U.S. crude output settled new highs, adding to worries over a sharp rise in global oil supplies. An official data showed that the U.S. crude production last week rose to a record high of 10.25 million barrels per day.
Crude Oil WTI Futures – Mar 18 (CLH8) fell as much as 0.74%, to settle at $60.70, and Brent Oil Futures – Apr 18 (LCOJ8) was down by 0.43% at $64.53.

The most important economic events:
• CAD Net Change in Employment (JAN): (GMT 13:30) – Important – Forecast (10.0k) – Previous (78.6k).
• CAD Unemployment Rate (JAN): (GMT 13:30) – Important – Forecast (5.8%) – Previous (5.7%).
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