CAD declines against most major currencies ahead of the BoC rate decision tomorrow

Key Movers

The US Dollar Index (DXY) was up by around 0.13% this morning to trade near 104.27. The DXY experienced this slight rise despite lower-than-expected Job Openings and Labor Turnover Survey (JOLTS) data. JOLTS data, which shows the number of job openings excluding the farming industry, came in at 8.06 million versus the expected 8.37 million. Factory Orders month-over-month, which measure the change in the total value of new purchase orders placed with manufacturers, came in as expected at 0.7%. The USD was up against the EUR, GBP, AUD, and CAD so far today.

In Eurozone news, the German Unemployment Change data was released. This report measures the change in the number of unemployed people during the previous month. The report showed higher-than-expected values at 25,000 versus the expected 7,000. Conversely, Spanish Unemployment Change was lower than expected at -58,700 versus the expected -55,400. The EUR was up against the CAD but down versus the USD and GBP so far today.

In Switzerland, the CHF Consumer Price Index (CPI) monthly numbers, which show the average change over time in the prices paid by consumers for goods and services, were released as expected at 0.3%. This continued to bolster the CHF which was up against both the USD and CAD this morning.