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Hello everyone, today XM Forex will bring you "[XM official website]: The US dollar/Canadian dollar stabilized above 1.3640 before the release of the US ADP employment data." Hope it will be helpful to you! The original content is as follows:
XM Forex APP News- During the European session on Wednesday (July 2), the US dollar maintained a moderate and positive trend against the Canadian dollar, thanks to strong U.S. job openings and manufacturing data released on Tuesday. All the market's attention is currently focusing on the U.S. ADP employment report to be released later today. The U.S. dollar/Canadian rebounded from a two-week low of just below 1.3600 and stabilized above 1.3640 during the European trading session on Wednesday, thanks to the market's moderate risk appetite. U.S. data released on Tuesday showed that job vacancies increased more than expected in May, manufacturing activity improved more than expected, production expanded for the first time in four months, and price inflation accelerated. Although macroeconomic data this week supported the US dollar, the decline in oil prices, as Canada's main export product, still put pressure on the Canadian dollar. The U.S. benchmark West Texas Intermediate (WTI) remains hovering around $65 as geopolitical tensions ease and traders expect further supply increases for the OPEC+ meeting this week. Today's focus is the U.S. ADP employment change report, which is expected to continue the trend of Tuesday's JOLTS data, showing a significant increase in jobs in June. If the report improves again, it will increase investors' expectations for Friday's non-farm employment report and may further push the dollar up. The Canadian dollar has maintained a long-term upward trend in recent months, partly due to reduced risks in the trade war. However, if a trade agreement cannot be reached soon, the restart of the trade hostile state may weaken the Canadian dollar again, which may trigger a new round of buying pressure on the US dollar/Canadian dollar. At present, the above content is about "【XM official website】: USD/Canada dollar employment in the United States ADPAccording to the entire content that was stable above 1.3640 before the announcement, it was carefully vifu.netpiled and edited by the editor of XM Forex. I hope it will be helpful to your transaction! Thank you for your support!
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