USD/CAD: Unemployment in Canada is declining
The "Canadian" is making attempts to restore lost positions against the US currency due to positive macroeconomic data on the national employment market. The USD/CAD instrument is trading under pressure, testing the 1.2954 mark.
According to StatiCanada (Statistics Canada), the employment index in the services segment increased 0.6% in June, and positive dynamics was recorded in the vast majority of areas – the educational sector added 1.9%, food – 1.3% and the healthcare sector – 0.4%. The total growth of new jobs for the reporting period amounted to 3.2%, showing an increase of 1.0 million vacancies in a row for three months and an increase in the demand for labor by 1.4% compared to May of this year – up to 17.7 million. The leaders of the most sought-after specialties remain healthcare specialists, the growth in the number of vacancies for which increased by 40.8% year-on-year and by 0.2% per month. Economists note that the Canadian employment market is developing an active upward trend, which will lead to positive growth of the Canadian economy.
- Resistance levels: 1.2990, 1.3222.
- Support levels: 1.2893, 1.2727.
USD/JPY: US economy continues to decline
The Japanese currency intends to seize the initiative in conjunction with the "American" amid the publication of positive macroeconomic data. At the moment, the instrument is trading at 137.00.
The cost of corporate goods and services for the year remained at the same rate of 2.1%, slightly inferior to market expectations of 2.2%. At the beginning of the trading day, statistics on the index displaying consumer prices in the capital of Japan for August were published, which showed an increase in inflation in annual terms from the previous 2.3% to 2.6% in the present. When accounting for fuel and food group of goods, the strengthening was from 2.5% earlier to 2.9% at the current time. As noted by economists, Tokyo often displays an indicator that is as close as possible to the national value, and having exceeded the threshold of 3.0%, it gives a positive signal, allowing the regulator to extend the period of implementation of its ultra-soft policy.
- Resistance levels: 137.45, 139.45.
- Support levels: 136.15, 132.85.
Overview of the S&P 500 index
The S&P 500 index shows moderate growth, trading at 4193.0.
The US stock exchange is in correction, and the further prospects for the movement of indicators will depend on the nature of the statements of the chairman of the regulator of the United States. Recall that Jerome Powell will speak at the symposium held in Jackson Hole, announced at 16:00 (GMT+2). Economists predict the continuation of aggressive steps, but the tightening of monetary policy may be adjusted, since there is a certain split between the officials of the US Federal Reserve. On the eve of the labor market, positive statistics were released, showing a decrease in the number of initial applications for registration of the status of unemployed from 245.0 thousand last week to 243.0 thousand in the present. The consumer price growth index for July decreased to 8.5% from the maximum level of 9.1%, which will allow the national regulator to reduce the rate of interest rate increase to 0.50%, instead of the previously expected 0.75%.
- Support levels: 4110.0, 3900.0.
- Resistance levels: 4310.0, 4631.0.
Cryptocurrency Market Overview
As of the end of the current trading week, experts cannot agree on the reasons for the continued strong pressure on the cryptocurrency market, which caused a correction of key assets of the digital segment in the market, which led to an outflow of investments from tokens, collapsing the market capitalization below the psychological threshold of 1.0 trillion dollars. According to economists, the reason could be caused by the massive sale of bitcoins by one of the major asset holders. In addition, the correction could have been caused by the decision of the US House of Representatives Committee on Energy and Trade to begin auditing the largest mining companies and their impact on climate change. Investors expressed concerns that such measures could lead to a partial or complete shutdown of cryptocurrency mining in the United States.
On the eve of the end of the week, the cryptocurrency market was able to recover only a small part of the losses incurred the day before. So, BTC reached the mark of 21400.00, having sank by 0.3%, ETH is testing the mark of 1660.00, having strengthened by 2.5%, USDT is held at the limit of 1.0001, having moderately increased 0.01% in price, BNB reached the indicator of 296.00, having lost 1.3%. At the end of the week, the capitalization level reached 1.031 trillion US dollars.