Canadian retail sales fall unexpectedly in August
At 12:30 GMT, the Canadian economy released its reading for the retail sales index, which fell by 0.4% in August, worse than forecasts of 1%, while the index rose by 0.6% in July. This data is considered negative for the Canadian dollar.
Euro rose on Monday against dollar after a hiatus from gains yesterday, nearing week highs as sentiment brightens with US President Donald Trump's health improving. EUR/USD rose 0.3% to 1.1745, after closing down 0.25% on Friday on profit taking away from week highs at 1.1769. The common currency rose 0.7% last week against dollar following developments in US new stimulus plans. The dollar index fell 0.1% on Monday after a hiatus from losses on Friday with haven demand declining on the greenback. The medical team handling Trump's case said his condition is improving and he might exit the hospital on Monday. Trump's announcement of a Covid 19 infection shocked the markets, with Trump now transferred to a medical center to monitor his condition.
Euro rose on Thursday against the dollar for another session as sentiment improves in the markets with some US stimulus approved to counter Covid impact. EUR/USD rose 0.2% to 1.1781, after closing 0. 2% yesterday on spreading risk aversion. The dollar index fell 0.1% on Thursday for another session against a basket of major rivals. The decline came as haven demand declines on the dollar as sentiment improves and investors prefer higher risk currencies. The bullish sentiment came after the US launched some new financial stimulus to counter the impact of the Covid 19 pandemic.
The US dollar fell against most major currencies on Monday, as investors await a very busy week full of events. Chief among these events is the upcoming US presidential debate between the US President and Republican candidate Donald Trump versus his Democratic rival Joe Biden. The final reading of the US GDP for Q2 will also be released later this week, amid expectation that the US economy will continue shrinking due to the coronavirus crisis impact. The market is also anticipating the US monthly jobs report on Friday, which delivers key insight on the state of the US labor market and employment improvement from August. Several Federal Reserve members had recently expressed that the US economy recovery path from the coronavirus impact is continuing. The dollar index fell against a basket of currencies by 0.4% to 94.2 points as of 20:02 GMT, after it hit a high of 94.6 and a low of 94.1.