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Canadian Dollar to Australian Dollar (CAD-AUD) Exchange Rate Crumbles Today as IMF Forecast Brings Mixed Blessings
Published: 7 Oct at 3 PM Tags: Dollar Exchange Rate, Australian Dollar Exchange Rate, Canadian Dollar Exchange Rate, Economy,
IMF’s Global Outlook Spells Disaster for Canadian Dollar (CAD), Opposite Effect had on Australian Dollar (AUD)
The Canadian Dollar has fared poorly against the Australian Dollar today; this negative state has been brought on by both detrimental domestic data for the ‘Loonie’ and the more wide-reaching International Monetary Fund (IMF) World Economic Outlook, which has downgraded its predictions for Canada’s economy in the present year and future ones; this year has a 1% growth prediction assigned to it while 2016’s contribution is expected to be by 1.7%. The IMF identified the flagging crude oil industry as one of the reasons for their downgrade of Canada’s prospects, stating: ‘In commodity exporters, lower commodity prices weigh on the outlook through reduced disposable income and a decline in resource-related investment’.
In addition to this detrimental piece of information, the ‘Loonie’ has also been harmed today by the day’s only domestic publication, the monthly August Building Permits figure. A previous 0.7% rise was recorded; a slowdown to 0.3% was predicted but the reality saw a negative posting of -3.7%. The Canadian Dollar hit 1.0646 against the Australian Dollar today; the ‘Aussie’ was conversely aided by the IMF’s report, which predicted that China would pass through the predicted global slowdown relatively unscathed, which would naturally benefit the ‘Aussie’ as well.
CAD-AUD Conversion Rate Future to be Decided by North American Data Contributions
The future of the Canadian Dollar’s faring against the Australian Dollar is somewhat unclear at present. This is because despite recently securing a surely-beneficial international trade deal and having the welcome news that the price of gold per 100 ounces and crude oil per barrel has increased steadily since October 1st, the ‘Loonie’ remains in a rut when it comes to moving against its rivals. The cost of crude oil has gone up from below $45.00 to over $49.50 over the space of a week, while the gold price has also risen exponentially, coming up from under $1115 to almost $1150 over the same period of time.
As the positive impact of such developments on the Canadian Dollar appears to be diminished at present, it remains for the Canadian Housing data (out tomorrow) to initiate a rise against the Australian Dollar before the week is over. Forecasts have been highly positive for the Housing Starts result for September, along with the monthly New Housing Price Index for August.
However, the New Housing Price Index has no predictions assigned to it and as a number of Australian economic publications are also due tomorrow, including the optimistically forecast August Home Loans, it remains to be seen whether the ‘Loonie’ will remain capable of rebounding against the ‘Aussie’ in the near-future.
The Canadian Dollar has fared poorly against the Australian Dollar today; this negative state has been brought on by both detrimental domestic data for the ‘Loonie’ and the more wide-reaching International Monetary Fund (IMF) World Economic Outlook, which has downgraded its predictions for Canada’s economy in the present year and future ones; this year has a 1% growth prediction assigned to it while 2016’s contribution is expected to be by 1.7%. The IMF identified the flagging crude oil industry as one of the reasons for their downgrade of Canada’s prospects, stating: ‘In commodity exporters, lower commodity prices weigh on the outlook through reduced disposable income and a decline in resource-related investment’.
In addition to this detrimental piece of information, the ‘Loonie’ has also been harmed today by the day’s only domestic publication, the monthly August Building Permits figure. A previous 0.7% rise was recorded; a slowdown to 0.3% was predicted but the reality saw a negative posting of -3.7%. The Canadian Dollar hit 1.0646 against the Australian Dollar today; the ‘Aussie’ was conversely aided by the IMF’s report, which predicted that China would pass through the predicted global slowdown relatively unscathed, which would naturally benefit the ‘Aussie’ as well.
CAD-AUD Conversion Rate Future to be Decided by North American Data Contributions
The future of the Canadian Dollar’s faring against the Australian Dollar is somewhat unclear at present. This is because despite recently securing a surely-beneficial international trade deal and having the welcome news that the price of gold per 100 ounces and crude oil per barrel has increased steadily since October 1st, the ‘Loonie’ remains in a rut when it comes to moving against its rivals. The cost of crude oil has gone up from below $45.00 to over $49.50 over the space of a week, while the gold price has also risen exponentially, coming up from under $1115 to almost $1150 over the same period of time.
As the positive impact of such developments on the Canadian Dollar appears to be diminished at present, it remains for the Canadian Housing data (out tomorrow) to initiate a rise against the Australian Dollar before the week is over. Forecasts have been highly positive for the Housing Starts result for September, along with the monthly New Housing Price Index for August.
However, the New Housing Price Index has no predictions assigned to it and as a number of Australian economic publications are also due tomorrow, including the optimistically forecast August Home Loans, it remains to be seen whether the ‘Loonie’ will remain capable of rebounding against the ‘Aussie’ in the near-future.
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Source: moneytransfer.co.uk