Analysis of the American trading session
During the American session on Wednesday, October 25, 2017, the US dollar weakened its positions against most of the major market currencies, despite positive statistics on the States.
- Basic orders for durable goods in September increased by 0.7%, exceeding the forecast of analysts at 0.5%.
- The volume of orders for durable goods increased in September on 2.2%, exceeding the previous value at 2.0%, while analysts had expected growth of 1.0%.
- Also, sales of new housing in the US rose in September to 667K, exceeding the previous value at 561K.
The single currency continued to strengthen its positions against the US dollar in the course of American trading. Support for a single currency was provided by expectations that there will be an announcement of the results of the ECB meeting on Thursday about the reduction in the volume of the QE program to 40 billion euros per year.
The British pound has maintained a strong position against the US dollar based on the positive statistics on UK GDP. Learn More…
The Canadian dollar has considerably fallen in price against the US dollar in the course of American session, after the Bank of Canada retained interest rate at the level of 1.00%. Following the meeting, it was noted that the level of inflation 2% in Canada will be achieved no earlier than in the second half of 2018, which may postpone another increase in the interest rate on long term. For additional information https://esterholdings.com/en/2017/10/25/kanadets-teryaet-pozitsii-3/.
Alexander Sivtsov