Daily digest market movers: USD/CAD appreciates further amid broad-based US Dollar weakness
- The Canadian Dollar's bullish momentum is gathering pace after having appreciated nearly 0.6% over the last two days to hit fresh two-week highs.
- US Initial Jobless Claims increased by 222K in the week of March 29, well above the 214K expected.
- Claims from the previous week have been revised up to 212K from the 210K previously estimated.
- Canadian trade surplus increased to $1.39 billion in February from $0.61 billion in January. Market experts had forecasted a shorter increase to about $0.8 billion.
- Fed’s Harker reiterates Chair Powell’s view that it is still too early to start cutting rates. Their impact on the US Dollar, however, has been subdued as the market is focusing on Friday’s Payrolls data.
- On Wednesday, the ISM Services PMI eased to 51.4 from 52.6 in February, against expectations of a slight increase to 52.7. The Prices Paid sub-index plunged to a four-year low, suggesting a negative contribution to inflation.
- US Nonfarm Payrolls are expected to have increased by 200K in March, down from February’s rise of 275K.
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