Today's expected range for the Canadian Dollar against
the US Dollar is 1.0300-1.0400
Today's expected range for the Canadian Dollar against
the Euro is 1.2860-1.3000
Today's expected range for the Canadian Dollar against
Sterling is 1.5930-1.6075
The US Dollar decline was abruptly halted last might
as a Fitch downgrade of Spanish debt late yesterday afternoon and a wishy-washy
comments in a Speech from Fed Chairman Ben Bernanke left Asian equity markets
nervous, both of which pushed EURO.USD higher throughout the night. The Dollar
further jumped in the European session as German exports and Italian production
report were both weaker than expectation. As I mention yesterday Euro rallies
are very short-lived and the Euro is clearly under pressure, if I was a betting
man I would make the wager that we shall see an Irish style bail-out of the
Spanish Banking system and Government in the coming days or weeks, Italy will
then not be far behind.
The Canadian Dollar gave back a little of yesterday's
strength overnight which is not surprising given the developments overseas. Today's
Canadian trading will of course be dominated by the Canadian Employment report
which is expected to show that the economy has created 5k new jobs last month.
I get a sense that most economists are expecting a poor number over a positive
one as recent GDP reports would not bode well for high employment. If the
number shows a dramatic reduction in employment look for USD.CAD to trade back
up at 1.0400, if the number is positive then we should see USD.CAD test below
1.0300, either way it should be volatile around the release so make sure you
have your orders in, if there is a dramatic change I will send out a currency
alert.
Have a great weekend
Mike
Michael J Smith | President GFX - Partners Inc.
229 Yonge Street, Suite 502 | Toronto, ON
M5B 1N9Trading Room: 416.217.3088 | Direct Line: 416.217.3095| Toll Free: 1.877.717.3088 | Fax: 416.217.3089
E:| msmith@gfxpartners.ca | W: www.gfxpartners.ca
GFX
Morning Currency Rates
|
|||||||
Friday June 8, 2012
|
|||||||
| Currencies | 7:00am Today's Opening | Yesterday's Opening | |||||
| USD/CAD | 1.0348 | 1.0292 | |||||
| CAD/USD | 0.9663 | 0.9716 | |||||
| EUR/USD | 1.2452 | 1.2562 | |||||
| EUR/CAD | 1.2886 | 1.2933 | |||||
| STG/CAD | 1.5961 | 1.5932 | |||||
| AUD/CAD | 1.0174 | 1.0201 | |||||
| CAD/JPY | 76.56 | 77.05 | |||||
| CAD/CHF | 0.9312 | 0.928 | |||||
| CAD/HKD | 7.4911 | 7.531 | |||||
| CAD/CNY | 6.1516 | 6.1798 | |||||
| CAD/MXN | 13.7061 | 13.6418 | |||||
| Commodities | |||||||
| Gold | $1,578 | $1,615 | |||||
| OIL | $82.32 | $84.62 | |||||
| Option Volatility | |||||||
| Canada | |||||||
| O/N | 9.00% | 13.50% | |||||
| 1 Week | 10.00% | 10.00% | |||||
| 1 Month | 10.00% | 10.00% | |||||
Today's Economic Calendar
USA
Trade Balance for April (08:30)
Wholesale Trade for April (10:00)
CANADA
Employment & Unemployment Rate for May (08:30)
Housing Starts for May (08:30)
Merchandise Trade Balance for April (08:30)
Productivity for Q1-(08:30)
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