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Today's Forex News

USD/CAD retreats from multi-month top, eyes mid-1.3600s ahead of Canadian jobs data

The USD/CAD pair meets with some supply during the Asian session on Friday and erodes a part of the previous day's strong gains to 1.3700 neighbourhood, or its highest level since March 28. Spot prices currently trade around the 1.3670-1.3665 region, down 0.10% for the day, though the fundamental backdrop warrants some caution for aggressive bearish traders and positioning for any meaningful corrective slide.FX Street2023-09-08

USD/CAD Price Analysis: Defends 1.3650 resistance-turned-support ahead of Canadian jobs data

The USD/CAD pair comes under some selling pressure on Friday and reverses a part of the previous day's positive move to the 1.3700 neighbourhood, or its highest level since late March. Spot prices, however, manage to rebound a few pips from the daily low and trade around the 1.3665-1.3670 area during the first half of the European session, down less than 0.15% for the day.FX Street2023-09-08

USD/CAD retreats from multi-month top, eyes mid-1.3600s ahead of Canadian jobs data

The USD/CAD pair meets with some supply during the Asian session on Friday and erodes a part of the previous day's strong gains to 1.3700 neighbourhood, or its highest level since March 28. Spot prices currently trade around the 1.3670-1.3665 region, down 0.10% for the day, though the fundamental backdrop warrants some caution for aggressive bearish traders and positioning for any meaningful corrective slide.FX Street2023-09-08

Daily Forex News and Watchlist: GBP/CAD

Canada is printing its labor market numbers today! How do you think it will affect GBP/CAD's potential short-term reversal pattern?Babypips2023-09-08

EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Mostly Flat Ahead Of The Weekend

Trading is calm in the absence of major catalysts.FXEmpire2023-09-08

USD/CAD: A Hot Canadian Employment/Wage Report Sends the Loonie Higher

Canada's economy isn't quite ready to cool. The latest Canadian employment report showed hiring bounced back in August, doubling expectations.Action Forex2023-09-08

Additional News:

USD/CAD Dips on Solid Canadian Data but Broader Outlook Tied to US Inflation

USD/CAD slides in reaction to strong employment growth in Canada, yet the broader direction of the pair could be more closely tied to the forthcoming U.S. inflation report next week.DailyFX2023-09-08

USD/CAD cracks on upbeat Canadian labor market data

The USD/CAD pair faces an intense sell-off as Statistics Canada has reported better-than-anticipated labor market data. The Canadian labor market witnessed fresh additions of 39.9K payrolls in August, more than doubling the expectations of 15K.FX Street2023-09-08

USD/CAD Price Analysis: Defends 1.3650 resistance-turned-support ahead of Canadian jobs data

The USD/CAD pair comes under some selling pressure on Friday and reverses a part of the previous day's positive move to the 1.3700 neighbourhood, or its highest level since late March. Spot prices, however, manage to rebound a few pips from the daily low and trade around the 1.3665-1.3670 area during the first half of the European session, down less than 0.15% for the day.FX Street2023-09-08

USD/CAD retreats from multi-month top, eyes mid-1.3600s ahead of Canadian jobs data

The USD/CAD pair meets with some supply during the Asian session on Friday and erodes a part of the previous day's strong gains to 1.3700 neighbourhood, or its highest level since March 28. Spot prices currently trade around the 1.3670-1.3665 region, down 0.10% for the day, though the fundamental backdrop warrants some caution for aggressive bearish traders and positioning for any meaningful corrective slide.FX Street2023-09-08

Daily Forex News and Watchlist: GBP/CAD

Canada is printing its labor market numbers today! How do you think it will affect GBP/CAD's potential short-term reversal pattern?Babypips2023-09-08

USD/CAD: A Hot Canadian Employment/Wage Report Sends the Loonie Higher

Canada's economy isn't quite ready to cool. The latest Canadian employment report showed hiring bounced back in August, doubling expectations.Action Forex2023-09-08

USD/CAD Dips on Solid Canadian Data but Broader Outlook Tied to US Inflation

USD/CAD slides in reaction to strong employment growth in Canada, yet the broader direction of the pair could be more closely tied to the forthcoming U.S. inflation report next week.DailyFX2023-09-08

USD/CAD cracks on upbeat Canadian labor market data

The USD/CAD pair faces an intense sell-off as Statistics Canada has reported better-than-anticipated labor market data. The Canadian labor market witnessed fresh additions of 39.9K payrolls in August, more than doubling the expectations of 15K.FX Street2023-09-08

USD/CAD Price Analysis: Defends 1.3650 resistance-turned-support ahead of Canadian jobs data

The USD/CAD pair comes under some selling pressure on Friday and reverses a part of the previous day's positive move to the 1.3700 neighbourhood, or its highest level since late March. Spot prices, however, manage to rebound a few pips from the daily low and trade around the 1.3665-1.3670 area during the first half of the European session, down less than 0.15% for the day.FX Street2023-09-08

USD/CAD retreats from multi-month top, eyes mid-1.3600s ahead of Canadian jobs data

The USD/CAD pair meets with some supply during the Asian session on Friday and erodes a part of the previous day's strong gains to 1.3700 neighbourhood, or its highest level since March 28. Spot prices currently trade around the 1.3670-1.3665 region, down 0.10% for the day, though the fundamental backdrop warrants some caution for aggressive bearish traders and positioning for any meaningful corrective slide.FX Street2023-09-08

Daily Forex News and Watchlist: GBP/CAD

Canada is printing its labor market numbers today! How do you think it will affect GBP/CAD's potential short-term reversal pattern?Babypips2023-09-08

The Euro: A Historical Perspective

The Euro, symbolized as EUR (€), is the official currency of the Eurozone, a monetary union consisting of 19 of the 27 member states of the European Union (EU). The history of the Euro is a fascinating narrative that mirrors the economic, political, and social evolution of the European continent.

The idea of a single European currency dates back to the post-World War II period, when European leaders sought to promote economic integration as a way to prevent future wars. However, it wasn't until the 1990s that the idea began to take shape.

The Maastricht Treaty, signed in 1992, laid the groundwork for the Euro. It set out the criteria for Eurozone membership, including price and exchange rate stability and sound public finances. The treaty also established the European Central Bank (ECB) and the European System of Central Banks.

The Euro was officially launched on January 1, 1999, when 11 EU member states irrevocably locked their exchange rates and handed over their monetary policy to the ECB. However, the Euro was initially a "virtual" currency used only for electronic payments and accounting purposes, while national currencies continued to circulate in physical form.

Euro banknotes and coins were introduced on January 1, 2002, and national currencies were gradually phased out. The introduction of the Euro banknotes and coins was one of the largest monetary changes in history, affecting hundreds of millions of people.

The Eurozone has since expanded to include 19 countries. The Euro has become the second most traded currency in the world after the U.S. Dollar and the second largest reserve currency.

The Euro has faced significant challenges since its inception. The global financial crisis of 2008 and the subsequent Eurozone debt crisis exposed structural weaknesses in the Eurozone's architecture. These crises led to high unemployment and recession in several Eurozone countries and required international bailouts for Greece, Ireland, Portugal, Spain, and Cyprus.

In response to the crisis, Eurozone leaders implemented a series of reforms, including stricter fiscal rules, a banking union, and new mechanisms for financial stability. The ECB also played a crucial role in stabilizing the Euro through unconventional monetary policies, including negative interest rates and large-scale asset purchases.

Despite these challenges, the Euro has contributed to economic stability in the Eurozone by eliminating exchange rate fluctuations and promoting economic integration. It has also facilitated travel and trade among Eurozone countries and played a significant role in shaping the global monetary system.

In conclusion, the history of the Euro reflects the broader economic and political history of Europe. From its origins in the aftermath of World War II to its role in the modern European economy, the Euro embodies the economic transformations that have shaped Europe. As Europe continues to evolve, the Euro will undoubtedly continue to play a crucial role in the continent's economic narrative. The future of the Euro will be shaped by how effectively the Eurozone navigates its economic challenges and capitalizes on its opportunities. As we look to the future, the Euro, like Europe itself, stands at the threshold of potential and promise.

Title: The Chinese Yuan: A Historical Overview

The Chinese Yuan, symbolized as CNY (¥), is the official currency of the People's Republic of China. Its history is deeply intertwined with the economic, political, and social evolution of China, one of the world's oldest civilizations and its second-largest economy.

The term "Yuan" dates back to the Mongol-led Yuan Dynasty (1271-1368), where it was used to refer to a round coin. However, the modern concept of the Chinese Yuan as a unit of currency began in the late 19th century.

During the late Qing Dynasty, China's traditional system of coinage, based on silver taels and copper-alloy cash coins, was increasingly challenged by the influx of foreign currencies brought by international trade. In response, the Qing government established the Shanghai Mint in 1896 and began issuing silver coins denominated in yuan, marking the first use of the yuan as a unit of account.

The 1911 revolution ended the Qing Dynasty and led to the establishment of the Republic of China. The new government aimed to modernize China's currency system and began issuing paper currency denominated in yuan. However, political instability led to a proliferation of different currencies issued by various regional banks and warlords.

The establishment of the People's Republic of China in 1949 marked a turning point in the history of the Chinese Yuan. The new communist government quickly moved to unify the currency system and established the People's Bank of China (PBOC) as the country's central bank. The PBOC began issuing a new currency, known as Renminbi (People's Currency), with the yuan as its primary unit.

The early years of the People's Republic were marked by economic instability and inflation, leading to several currency reforms. In 1955, a currency reform replaced the old yuan at a rate of one new yuan to 10,000 old yuan.

The Chinese economy was largely closed to the outside world until the economic reforms initiated by Deng Xiaoping in the late 1970s. These reforms marked the beginning of China's transformation into a market economy and led to significant changes in the management of the Chinese Yuan.

In 1994, a major reform unified the official and market exchange rates of the yuan, effectively devaluing the official rate and making the yuan more convertible under the current account. However, the yuan remained non-convertible under the capital account, with the government maintaining strict controls over capital flows.

The 21st century has seen the Chinese Yuan play an increasingly important role in the global economy, reflecting China's rising economic power. In 2005, China moved away from a fixed exchange rate system pegged to the U.S. dollar and adopted a managed float system based on market supply and demand with reference to a basket of currencies.

In 2010, China further loosened its capital controls, allowing greater use of the yuan in international trade and investment. This was part of a broader strategy to internationalize the yuan and reduce China's reliance on the U.S. dollar.

In 2016, the International Monetary Fund included the Chinese Yuan in its Special Drawing Rights basket, marking a significant milestone in the yuan's internationalization process.

Despite these reforms, the Chinese Yuan remains subject to capital controls, and its exchange rate is closely managed by the PBOC. This has led to tensions with trading partners, particularly the United States, which has accused China of manipulating its currency to gain a trade advantage.

In conclusion, the history of the Chinese Yuan reflects the broader economic and political history of China. From its origins in the late Qing Dynasty to its emerging role as a global currency, the Chinese Yuan embodies the economic transformations that have shaped modern China. As China continues to evolve, the Chinese Yuanwill undoubtedly continue to play a crucial role in the global economy, reflecting the strengths and challenges of this dynamic and rapidly changing nation.