Daily Afternoon Report 04.10.2016
The U.S. dollar rose against its Canadian counterpart on Today, as general optimism over the outlook for the U.S. economy boosted demand for to the greenback, although higher oil prices still lent support to the Canadian currency.
The U.S. dollar strengthened broadly as upbeat manufacturing activity and consumer sentiment data boosted optimism over the strength of the economy and supported the case for a rate hike by the Federal Reserve before the year end.
Market participants were focusing on Friday’s U.S. nonfarm payrolls report for further indications on the strength of the job market, as the Federal Reserve has indicated that future interest rate decisions will be data-dependent.
Meanwhile, the commodity-related Canadian dollar remained supported by higher oil prices on Today, as the production freeze deal announced last week continued to support.
The loonie was higher against the euro, with EUR/CAD edging down 0.13% to 1.4687.