Today's expected range for the Canadian Dollar against the US Dollar is .9960-1.0060
Today's expected range for the Canadian Dollar against the Euro is 1.3170-1.3300
Today's expected range for the Canadian Dollar against Sterling is 1.5850-1.5975
The US Dollar is marginally weaker in very quiet trading markets as the Euro has shrugged off the lack of progress on Greek debt talks and focused on the fact that the US should have created another 150K new jobs last month. It certainly looks to me that the markets as of late are taking a break from volatile trading and trying to get a sense of what is truly going on with the global economy, I look for this back and for trading of the Euro to continue over the short-term.
The Canadian Dollar had a very quiet overnight session trading in a very tight 20 point range which for FX markets is almost unheard of. This morning (7:00 am) saw the Loonie give up some strength as the economy in January only created a crappy 2300 jobs and the unemployment rate increased to 7.6% from 7.5%, with the poor GDP numbers last month and now two crappy months of job growth it is clear that the Canadian economic activity is grinding to a halt, the Loonie now looks like it wants to trade weaker ahead of the US jobs report at 8;30 but once again I get a sense that currency traders are not paying any attention to the Canadian numbers . In a perfect world I would think these numbers would dramatically weaken off the Loonie but global investors are just focusing on the European and US developments, if the US employment number today is much better than expected equity markets should jump higher and USD.CAD will be back below par, if the number is poorer than expected stock markets will fall back and USD.CAD will jump higher towards 1.0050
I have been having a few problems formatting the new blog and getting the email service just right, if you have been receiving multiple copies of the email or find it difficult to read we are working to get those issues ironed out.
Have a great weekend
Mike
Market Indicators
GFX FOREIGN EXCHANGE MORNING UPDATE
Friday, February-03-12
* For current market prices please contact our currency advisors or visit
our
on line site at www.gfxpartners.ca *
Market Indicators
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.00 | 0.9985 | |||||
| CAD/USD | 1.00 | 1.0015 | |||||
| EUR/USD | 1.3162 | 1.3138 | |||||
| EUR/CAD | 1.3162 | 1.3121 | |||||
| STG/CAD | 1.583 | 1.5806 | |||||
| AUD/CAD | 1.0692 | 1.0696 | |||||
| CAD/JPY | 76.24 | 76.18 | |||||
| CAD/CHF | 0.915 | 0.9181 | |||||
| CAD/HKD | 7.5555 | 7.7651 | |||||
| CAD/CNY | 6.3027 | 6.3075 | |||||
| Commodities | |||||||
| Gold | $1,758 | $1,749 | |||||
| OIL | $96.70 | $97.06 | |||||
| Option Volatility | |||||||
| O/N | 8.50% | 13.75% | |||||
| 1 Week | 10.00% | 10.50% | |||||
| 1 Month | 10.00% | 9.90% | |||||
The information, opinions, estimates, projections and other materials contained herein are provided as of the date hereof and are subject to change without notice. Some of the information, opinions, estimates, projections and other materials contained herein have been obtained from numerous sources, and, notwithstanding GFX Partners Inc. (GFX) makes every effort to ensure that the contents thereof have been compiled or derived from sources believed to be reliable and to contain information and opinions which are accurate and complete, GFX has not independently verified and makes no representation or warranty, express or implied, in respect thereof and takes no responsibility for any errors and omissions which may be contained therein. GFX shall not be liable for any loss arising from any use of or reliance on the information, opinions, estimates, projections and other materials contained herein whether relied upon by the recipient or user or any other third party (including, without limitation, any customer of the recipient or user). The information, opinions, estimates, projections and other materials contained herein shall not be considered as investment advice or as a recommendation to enter into any transaction. GFX, its affiliates, and/or their respective shareholders, directors, officers and/or employees may from time to time have long or short positions in any such products (including, without limitation, commodities, securities or other financial instruments).
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