USD/CAD Jumps To Near 1.3740 After Strong US Retail Sales And Lower Jobless Claims -

USD/CAD Jumps To Near 1.3740 After Strong US Retail Sales And Lower Jobless Claims

Aug 15, 2024Jeremy ParkinsonFinance, No picture0

The USD/CAD pair delivers a vertical upside move to near 1.3740 in Thursday’s New York session as the US Dollar (USD) recovers strongly. The US Dollar bounces back after the release of the stronger-than-expected United States (US) Retail Sales data for July and lower Initial Jobless Claims for the week ending August 9.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, jumps above 103.00. The US Retail Sales report showed that sales at retail stores rose at a robust pace of 1% due to strong demand for automobiles from the estimates of 0.3%. In June, Retail Sales contracted by 0.2%, downwardly revised from a flat performance. US Dollar PRICE TodayThe table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.

USD EUR GBP JPY CAD AUD NZD CHF USD 0.44% 0.03% 1.21% -0.01% -0.20% 0.28% 0.80% EUR -0.44% -0.41% 0.74% -0.44% -0.72% -0.32% 0.35% GBP -0.03% 0.41% 1.17% -0.03% -0.31% 0.10% 0.85% JPY -1.21% -0.74% -1.17% -1.21% -1.41% -1.05% -0.32% CAD 0.00% 0.44% 0.03% 1.21% -0.20% 0.13% 0.88% AUD 0.20% 0.72% 0.31% 1.41% 0.20% 0.39% 1.15% NZD -0.28% 0.32% -0.10% 1.05% -0.13% -0.39% 0.75% CHF -0.80% -0.35% -0.85% 0.32% -0.88% -1.15% -0.75%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).Retail Sales are a key measure of households’ spending that eventually propels consumer inflation. Higher value and volume of sales receipts at retail stores exhibits robust spending by individuals. Upbeat Retail Sales have dampened market speculation for the Federal Reserve (Fed) to deliver a 50-basis point (bps) interest-rate reduction in the September. However, firm market expectations for the Fed pivoting to policy-normalization in September remain intact.Meanwhile, Individuals claiming jobless benefits for the first time came in lower at 227K than estimates of 235K and the prior release of 234K, upwardly revised from 233K.On the Canadian Dollar (CAD) front, upbeat Oil prices continue to act as major cushion for the Lonnie. The Oil prices have recovered strongly after a two-day correction on expectations that rate cuts from the Fed will boost fuel consumption. It is worth noting that Canada is the leading exporter of Oil to the United States and higher Oil prices result in significant foreign inflows to the former.More By This Author:AUD/USD Posts Fresh Three-Week High At 0.6640 Ahead Of US Inflation USD/CAD Stays Near 1.3700 After Expected Decline In US Inflation EUR/USD Posts Seven-Month High Above 1.1000 Ahead Of US Inflation