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USD is weakening against its main competitors – EUR, GBP, and JPY.
At 15:30 (GMT+2), the data on Building Permits issued in October will be published in Canada. The indicator records the change in the number of applications issued by the Canadian government for the construction of real estate on a monthly basis, and is one of the most important indicators of the construction sector. It is expected that in October the volume of permits will be reduced for the second month in a row, this time by another 2.0%. The implementation of the forecast could put pressure on CAD.
At 15:15 (GMT+2), Canadian Housing Starts data for November will be published. The indicator captures the number of houses whose construction began in the reporting month, and is one of the most important indicators of the Canadian construction market. The indicator is expected to grow from 202.0K to 221.2K. If the forecast proves to be true, this may render support to CAD.
The NZD/USD pair continues to trade near 5-month highs.
The GBP/USD pair continues to strengthen. In late December, after sideways consolidation, the price broke a local maximum at 1.3010 and went higher. Having passed the key resistance level, the instrument was supported by the growth of demand for the British pound.
The main driver that determined the direction of the movement of the pair for this and the next week was the statement by the board member of the Bank of Japan Yutaka Harada. Investors were alarmed by the statement that the regulator would not take additional steps to the plan to stimulate the economy and increase the rate of quantitative easing. The stimulating plan provides for an injection of 26 trillion yen, including fiscal expenses of 13.2 trillion yen.
In the middle of last week, data on crude oil inventories were published, which unexpectedly showed a decrease of –4.856M against –1.734M expected. The data reversed the long-term trend of increasing stocks and gave a positive impetus to the instrument. Also, the spread in the arbitration position of WTI Crude Oil and Brent again returned to the average values of the year around $6, which indicates the completion of the global operation and the start of a new one.